There was a lot of news that came out of the Tesla (NASDAQ:TSLA) camp this past weekend as shareholders brace for a painful earnings report on Tuesday.
Facing headwinds ranging from slowing demand to rising competition, the EV maker slashed prices in many of its major markets, including China and Germany, following notable price cuts in the United States.
“Tesla prices must change frequently in order to match production with demand,” CEO Elon Musk wrote on X.
Vehicles like the Model Y, X and S were cut by around $2,000 (in local currencies) across the various regions, while Tesla (TSLA) slashed the price of its Full Self-Driving software by a third to $8,000 in the U.S.
Other notable news recently saw Tesla (TSLA) miss delivery estimates, lay off more than 10% of its global workforce, announce a Cybertruck recall, and Elon Musk cancel a high-profile trip to India, where he was due to announce a $2B-$3B investment.
Tesla (TSLA) shares are down more than 40% YTD.