Tesla lowers the price of several of its models globally, putting pressure on its stock

EV producer lowers pricing for some models in the US, China, and other countries as sales decline and earnings are expected to decline.

In response to declining sales, Tesla Inc. slashed pricing for a number of its cars over the weekend in the US, China, and Europe. As a result, the company’s shares saw pressure in early trade on Monday.

The EV manufacturer lowered the cost of its Full Self-Driving driver-assistance mode in the United States by about a third, from $12,000 to $8,000, on Saturday, after cutting the cost of its Model Y, Model X, and Model S automobiles by $2,000 apiece on Friday.

Additionally, Tesla (TSLA) reduced the cost of the Model 3, Model Y, Model X, and Model S by almost $2,000 each in China. According to Tesla, it has also lowered the cost of select models in Africa, the Middle East, and Europe.

Elon Musk, the CEO of Tesla, decided late Friday to cancel his highly anticipated trip to India, where he was supposed to make an announcement about plans to construct a factory and begin importing cars. While citing his “very heavy Tesla obligations,” Musk hinted in a tweet that he was looking forward to a visit later this year.

Tesla’s shares were down about 3% in premarket trade on Monday, ahead of the company’s scheduled quarterly results report on Tuesday.

This year has been turbulent for the corporation, as evidenced by the 40% decline in its stock price due to a Cybertruck recall, declining deliveries, analyst downgrades, and rising competition from China. Additionally, Musk and Tesla are attempting to restore the enormous compensation package that a judge earlier this year said was unconstitutional.

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