Tesla extends price cuts to U.S., Europe to drive demand

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(Reuters) – Tesla has slashed prices on its electric vehicles in the United States and Europe by as much as 20%, extending a strategy of aggressive discounting after missing Wall Street estimates for 2022 deliveries. The move, which prompted a 4.5% fall in Tesla’s shares in pre-market U.S. trade, came after CEO Elon Musk warned that the prospect of recession and higher interest rates meant it could lower prices to sustain volume growth at the expense of profit. The lower pricing across Tesla’s major markets marks a reversal from the strategy the automaker had pursued through much of 2021 and 2…

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