Tesla’s retail price cuts aim to bolster sales in response to softening electric-vehicle demand globally and rising competition, but it damaged the bottom lines of its biggest customers in Europe
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Tesla’s retail price cuts aimed to bolster sales in response to softening electric-vehicle demand globally and rising competition, especially from Chinese EV makers such as BYD. But that damaged the bottom lines of its biggest customers in Europe – where fleet purchases represent nearly half of auto sales.
A top executive at a large European car-leasing firm, who spoke on condition of anonymity because he did not have permission to comment publicly on Tesla, said that, starting in mid-2023, Tesla offered unofficial end-of-quarter discounts on its Model 3 and Model Y by up to 2,000 euros for leasing-company purchases, if those vehicles were in stock.Tim Albertsen, CEO of Ayvens – Europe’s largest auto-leasing company with a fleet of 3.
Tesla’s sales and profits are falling globally after a long period of sharp growth. The automaker reported an 8.5% drop in global deliveries during the first quarter, its first decline in four years.
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