Tesla has cut the prices of its cars in the US and Europe by up to a fifth as it contends with slowing demand and increased competition.The US carmaker expanded its sales by 40% during 2022 to 1.3m, making it the world’s largest manufacturer of pure battery electric cars, ahead of China’s BYD. However, investors have started to worry that sales growth will be limited by economic slowdowns in some of its key markets.

Ginny Buckley, chief executive of car website Electrifying.com, said Tesla buyers who took delivery in recent months would be “less than impressed by the move, which could ultimately undermine confidence in the company”.“Carmakers will usually carefully manage prices and incentives to avoid crashing used values and upsetting customers,” she said.

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