Tesla has responded to increased competition in the electric-car segment by cutting into its large profit margins, sending ripples across the auto industry – and delivering customers big savings.
US electric-car specialist Tesla has been accused using the huge profit margins on its vehicles to start a price war among its rivals – in the process delivering big savings for buyers.
Tesla has cut the price of its electric cars across the globe by up to 20 per cent.
The move saw sales spike by up to 500 per cent in one month in parts of China following a 13 per cent price reduction in that market, Car News China reports.
While the price of the Tesla Model 3 sedan was lowered by ¥36,000 ($AU7530) in China, in the UK the Tesla Model Y SUV dropped by £8000 ($AU14,000).
Germany saw the greatest price reduction, with Motor1 reporting the Tesla Model Y SUV was slashed by €9100…