Elon Musk's Tesla cuts prices in major markets as sales fall

Tesla has cut its prices in a number of markets – including the US, China, and Germany – as the electric car giant faces falling sales. A price war has been intensifying between electric vehicle (EV) makers, with particularly fierce competition coming from Chinese firms. And Tesla - run by multi-billionaire Elon Musk – reported a sharp fall in global vehicle deliveries in early 2024, and has been forced to recall thousands of its new Cybertruck over safety concerns. Last week, Tesla also announced plans to lay off more than 10% of its global workforce.