Tesla cuts prices around the globe amid slowing demand for its EVs [Video]

Tesla is slashing prices in the U.S., China and Germany as the electric vehicle maker battles slowing sales and an increasingly competitive market for EVs. 

In the U.S., the company on Friday cut the prices of three of its five models by $2,000. The new prices are:

• $42,990 for a new Model Y
• $72,990 for a Model S
• $77,990 for a Model X

Prices for the Model 3 and Cybertruck are unchanged at $38,990 and $81,895, respectively.

Tesla didn’t immediately respond to a request for comment on Monday, but CEO Elon Musk addressed the price changes Sunday on social media.

“Tesla prices must change frequently in order to match production with demand,” he said on X, previously known as Twitter. 

The price cut in China — the Model 3 now sells for about $1,930 less — is particularly noteworthy given that Tesla faces stiff competition against more than a dozen …