EU Carmaker Shares Edge Lower After Tesla Price Cuts in Germany, China
By David Sachs
Shares in European carmakers fell Wednesday after Tesla cut prices in Germany, signaling fiercer competition among electric-car makers there.
At 1058 GMT, shares in Volkswagen were down 2.5%, Stellantis had dropped 1.6%, Renault was down 3.3%, Mercedes-Benz had fallen 1.8% and BMW was down 2.6%.
The U.S. electric-car company slashed prices by 5,000 euros ($5,439.25) for two versions of its Model Y, according to its website. The Performance model now costs German consumers EUR55,990 while the Long Range model costs EUR49,990. Tesla also cut the base Model Y price by EUR1,900 to EUR42,990.
Fiercer competition and flagging demand are expected to put pressure on electric-vehicle pricing in Europe this year, HSBC analysts said in a note last week.
On Friday, Tesla cut prices again in China, hurting Asian carmaker stocks this week.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
January 17, 2024 06:25 ET (11:25 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks