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The world’s largest maker of electric vehicles has lowered its prices in China, Germany and the United States. This comes after Tesla’s competitors are increasing their market share.

The prices of four models sold in China were slashed on Sunday. The Model Y, Tesla’s best-selling car in the country, is now for sale at its lowest price ever.

According to the company’s German website, the price of the manufacturer’s Model 3 rear-wheel drive was also lowered. Germany is Tesla’s biggest market in Europe.

The news broke in the United States on Friday when the company announced the slashing of prices of three of its models.

CNN reports that the flurry of cuts comes during a tough time for Tesla. Its stock has plunged more than 40% year-to-date after it reported a drop in quarterly deliveries for the first time in nearly four years and announced job cuts equivalent to more than 10% of its global staff.

Elon Musk, the South African-born founder and CEO of Tesla, postponed his planned trip to India to meet with Prime Minister Narendra Modi. The meeting was meant to centre around Tesla building a factory in India. Musk cited “very heavy” obligations at the company.

Image credit: YouTube

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