(Boursier.com) — The automotive sector is rocking this weekend, with price cuts granted by Tesla around the world heightening fears weighing on demand. The Stoxx 600 Automobiles & Parts index lost nearly 2% in the morning, by far the worst performing sub-index within the broad European index.
Tesla lowered the prices of its flagship vehicle models in the United States on Thursday evening, the electric carmaker’s website shows, with reductions ranging from 6% to 20% on the Model 3 and Model Y, according to calculations made. by Reuters. These new prices do not take into account the federal credit of 7,500 dollars granted since the beginning of the month for the purchase of a large number of electric vehicles.
Faced with increasingly fierce competition, and in a clearly less buoyant environment with soaring inflation, Elon Musk’s group has also decided to grant significant discounts to its flagship models in Europe, including included in France: up to 8,500 euros for the Model 3.
Oddo BHF notes that these price cuts in Tesla’s key markets are taking place amid growing demand concerns, bolstered by the company’s missed Q4 delivery target.
In Olympic form since the beginning of the year, Renault loses more than 4% to 36 euros. Stellantis is not spared (-3.6%).
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