By Sherry Qin and David SachsShares of European and Chinese automakers fell after Tesla continued to cut prices, amid heightened global competition and uncertain demand in the electric-vehicle market. Tesla also cut the base Model Y price by EUR1,900 to EUR42,990. Meanwhile in China, Tesla cut the price of its entry-level Model 3 by 5.9% to 245,900 yuan ($34,291) and lowered the Model Y's starting price to CNY258,900 from CNY266,400 on Friday. NIO shares fell 9.6% to 49.05 Hong Kong dollars ($6.27) on Wednesday in Asia after ADRs shed 8.65% overnight. Tesla sales rose 2.2% in Germany last year but fell 77% in December, according to Kraftfahrt-Bundesamt, the federal motor transport authority.

Source: Wall Street Journal January 17, 2024 13:05 UTC