Tesla has announced price cuts for its Model Y, Model X, and Model S vehicles in Europe and the US.

The Model Y rear wheel drive has dropped 17 percent in Germany, and 20 percent in the US. The Model Y long range is now $13,000 cheaper before the tax credit and $20,500 cheaper including the credit, a 31 percent discount in total. The five-seater version of the Model Y will now qualify for the $7,500 federal tax credit.

The price cuts come less than a year after Tesla made multiple price increases in 2022, and are likely an effort to boost sales after the company’s quarterly shipments missed market estimates. The price cuts are likely an effort to increase sales in the face of logistical issues and concerns around demand.

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