Tesla Inc. cut prices for some of its Model Y and Model 3 vehicles in the United States for the sixth time this year to juice demand as competition among electric-vehicle makers heats up around the world.
The cuts came ahead of Tesla’s first-quarter earnings. Tesla on Wednesday posted its lowest quarterly gross margin in two years, missing market estimates.
The company reported total gross margin of 19.3 percent, short of market expectations of 22.4 percent, according to 14 analysts polled by Refinitiv.
Tesla has slashed prices in numerous markets worldwide to stay ahead of legacy U.S. competitors such as Ford Motor, while it strives to catch up with Chinese automakers such as BYD Co. Ltd. in its second-largest market….