Tesla Inc's first-quarter margins are anticipated to have hit a more than three-year low as the electric-vehicle maker slashed prices to lure more buyers in the face of rising competition and a weak economy.
Tesla's automotive gross margin set to decline again, https://www.reuters.com/graphics/TESLA-RESULTS/lgvdkxqejpo/chart.png The company on Friday slashed prices in Europe, Israel and Singapore. In the United States, Tesla has cut the price of its base Model 3 by a cumulative 11 per cent since the start of the year, with a 20 per cent reduction in its base Model Y.
The company, led by billionaire Elon Musk, has said a ramp up in production at its factories in Austin, Texas and Berlin would help improve margins due to economies of scale.
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