Tesla Inc. (TSLA) is slashing prices of its cars in the U.S. and Europe in an effort to bolster sales after 2022 deliveries came up short of forecasts.

The electric vehicle maker lowered the price of its Model Y in the U.S. by $13,000 and cut up to $21,000 off the price of its high-end Model S Plaid. Tesla is also dropping prices in the U.K., Germany, and France just weeks after reducing prices on its vehicles in China for the second time in three months.

Demand for Tesla's cars plummeted last year as competition ramped ဣup in the electric vehicle marᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚket. In China, the largest EV market, domestic car makers have gained market share by offering lower-priced alternatives. Tesla sold roughly 56,000 cars in China in December, down more than a fifth from December 2021 and 44% from the previous month.

澳洲幸运5官方开奖结果体彩网:Tesla delivered 1.3 million cars i🃏n 2022, a 40% year-over-year increase but short of Wall Street and the company's expectation of about 50% for deliveries each year.

Besides mounting competition, Tesla faces a slowing economy, inflation, higher interest rates in the U.S., and supply chain concerns. Shares of the vehicle manufacturer shed about two-thirds of their value in 2022 amid CEO Elon Musk's highly-publicized purchase of Twitter, financed in part by the sale of so🙈me of his Tesla shares. The stock fell another 4% in morning trading Friday following news of the latest price cuts.