It seems Tesla (NASDAQ: TSLA) is increasingly concentrating on international markets besides the U.S. even as demand seems to be slowing down for its cars in China.
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Last week, in a bid to boost the demand for its cars in the Chinese market, TSLA slashed its car prices – for the second time in a row. However, it now seems that these price cuts have led to longer waiting times for potential buyers when it comes to some versions of the Model Y.
According to Reuters, the wait times for potential buyers of Tesla’s Model Y for rear-wheel-drive and long-range versions extended in the range of two to five weeks.
In another piece of news, Reuters stated that TSLA is also offering discounts of $5,000 for potential EV buyers in Singapore if these buyers opt to trade in their internal combustion vehicles for EV and another credit of $5,000 “against the cost of the certificate to operate a car in Singapore.”
Besides China and Singapore, TSLA has also implemented price cuts in South Korea, Japan, and Australia.
When it comes to TSLA’s domestic market, Wall Street analysts have already raised concerns about demand softening for its cars as higher inflation and a rise in interest rates weighs on customers’ minds.
However, analysts remain cautiously optimistic about TSLA with a Moderate Buy consensus rating based on 20 Buys, nine Holds, and two Sells.
