This was reported by CNBC, according to a report from Ukrinform.

According to data from the company’s website, the company has reduced the prices of its cars in Germany, France, Norway and the Netherlands in each of these markets.

In Germany, the rear-wheel-drive Model Y now retails for €42,990 ($46,760.65); This represents a discount of approximately 4.2% from the car’s previous retail price. The Model Y Long Range retails for €49,990, down 8.1% from the previous price, while the rear-wheel-drive Model Y retails for €42,990, down 4.2%.

Tesla reduced the prices of Model Y cars by up to 6.7% in France and by 7.7% in the Netherlands. In Norway, the company reduced prices from 5.6% to 7.1%.

Competition in the electric car market has intensified over the past year, and Tesla faces competition from other automakers. Chinese automaker BYD, backed by investor Warren Buffett, overtook Tesla as the world’s largest electric car manufacturer in 2023.

According to data from Germany’s federal automobile agency KBA, Volkswagen took the lead in Germany’s electric car market last year, surpassing the American automaker with a 13.5 percent market share compared to Tesla’s 12.1 percent market share.

As reported by Ukrinform, Tesla is suspending most of its automobile production at the facility near the German capital Berlin for two weeks due to the crisis in the Red Sea.