Electric vehicle maker Tesla (TSLA) has cut prices in the U.S. market ahead of its upcoming first quarter earnings, marking the sixth time this year that it has lowered prices in America.
Tesla, which is due to report Q1 results later today (April 19), cut the price of its Model Y “long range” and “performance” vehicles by $3,000 U.S. each.
Tesla also lowered the cost of its Model 3 “rear-wheel drive” edition by $2,000 U.S.
The company has now cut U.S. prices on its base Model 3 by 11% this year and that of its base Model Y by 20%.
The company also recently lowered prices in Europe, Israel, Asia, and Australia, expanding a discount drive it started in China to spur demand.
The price cuts have raised concerns about margins at Tesla ahead of its upcoming quarterly print.
Earlier in April, Tesla reported a 4% rise in deliveries for this year’s first quarter, which was lower than the 17.8% rise recorded in the fourth quarter of 2022.
Tesla is expected to report a 24.2% year-over-year increase in its Q1 revenue to $23.29 billion U.S., according to the consensus estimate of analysts.
Tesla’s stock price has declined 46% over the past 12 months to $184.31 U.S. per share.
