Tesla (TSLA) cuts prices in Japan

Tesla (NASDAQ: TSLA) revealed Tuesday that the electric vehicle giant cut prices for its Model 3 and Y electric vehicles by 3-4% in Japan this month.

According to the company's website, prices for all versions of its more affordable Model 3 have been reduced by approximately 3%, while prices for all Model Y variants have been decreased by about 4%. These price cuts follow the company's decision to raise the prices of the Model 3 and Y in Japan just two months ago.

The Model 3's price reduction made it more affordable in Japan than it ever was before when using various subsidies with the purchase, Tesla said. The Model 3 is now priced at 5,245,600 yen ($36,362) in Japan, while Model Y is priced at 5,637,000 yen.

Tesla kept the prices of Model S and X unchanged. Tesla started accepting orders for these higher-priced EVs in Japan in May.

Shares of TSLA are down 0.59% in pre-market trading Wednesday.

By Michael Elkins | [email protected]

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