Tesla Inc. has slashed prices globally on its electric vehicles by as much as 20 percent, extending an aggressive discounting effort and challenging rivals after missing Wall Street delivery estimates for 2022.
The move marks a reversal from the automaker’s strategy over the last two years when new vehicle orders exceeded supply. It comes after CEO Elon Musk warned that the prospect of recession and higher interest rates meant it could lower prices to sustain growth at the expense of profit.
Musk acknowledged last year that prices had become “embarrassingly high” and could hurt demand. Shares ended down 0.9 percent after falling as much as 6.4 percent on Friday. Last year, Tesla stock had its worst year since the company’s inception due to slowing growth in China and Musk’s distraction with Twitter….