Tesla’s newly unveiled lower-priced Model Y and Model 3 face tough competition in Europe, where the EV market is already crowded with budget-friendly options. The $39,990 Model Y Standard and $36,990 Model 3 are still more expensive than many European and Chinese rivals, some priced under $30,000.
Tesla’s European market share has dropped to about 1.5% since 2023, impacted by an ageing lineup and backlash against Elon Musk. Analysts say these price cuts may not be enough to reverse the trend, especially with strong competition from brands like BYD, Dacia, and Citroën.
Meanwhile, the U.S. EV market is also slowing, partly due to the end of a $7,500 tax credit. In China, Tesla continues to face pricing challenges from cheaper domestic EVs.
Credit : CGTN
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