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Europe auto stocks fall as Tesla cuts prices in the U.S.

By Geoffrey Smith AiVIF.com -- European auto stocks fell on Friday after another price cut by Tesla (NASDAQ:TSLA) reinforced fears that demand will weaken around the world in...
Europe auto stocks fall as Tesla cuts prices in the U.S. © Reuters.
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By Geoffrey Smith

AiVIF.com -- European auto stocks fell on Friday after another price cut by Tesla (NASDAQ:TSLA) reinforced fears that demand will weaken around the world in 2023.

Stellantis (BIT:STLA), the owner of the Jeep, Chrysler, and Fiat brands, lost 3.5%, while Volkswagen (ETR:VOWG_p) stock lost 3.4%, Mercedes Benz (ETR:MBGn) fell 2.4%, and BMW (ETR:BMWG) stock fell 1.6%, making them the four worst performers in the Euro Stoxx 50 index on a morning when European stocks were broadly higher in response to an improving inflation outlook in the U.S.

Late Thursday in the U.S., Tesla said it will cut prices for its mass-market Model 3 and the Model Y SUV Crossover, in an apparent move to sustain sales after the company missed Wall Street forecasts for deliveries in the fourth quarter. The news was the latest sign that Tesla - which during its startup phase had always had long waiting lists for its cars - is now encountering the same kind of demand problems faced by other mature auto companies.

A company spokesman quoted by Reuters styled the move as driven by a recent decline in input costs as supply chain bottlenecks eased.

"At the end of a turbulent year with interruptions to the supply chain, we have achieved a partial normalisation of cost inflation, which gives us the confidence to pass this relief onto our customers," a spokesperson for Tesla Germany said.

Any move by Tesla to lower prices is likely to hurt European carmakers, which have historically operated on relatively thin profit margins - especially Stellantis and Volkswagen. The price cuts announced by Tesla will qualify much of its product offering for the $7,500 tax credit introduced by the Biden administration last year to speed the adoption of electric vehicles. As such, it increases Tesla's competitiveness in the more price-sensitive areas of the market.

Notably, of all the European stocks in focus on Friday, it was the high-end Porsche - which makes no pretensions to affordability - that fared best. Porsche Preferred (ETR:P911_p) stock was down only 0.6% by 06:00 ET (11:00 GMT).

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EUR/USD

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EUR/USD

1.0854

+0.0007 (+0.06%)

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    EUR/USD 1.0854 ↑ Buy  
    GBP/USD 1.2690 ↑ Buy  
    USD/JPY 150.22 ↑ Buy  
    AUD/USD 0.6554 ↑ Buy  
    USD/CAD 1.3493 ↑ Sell  
    EUR/JPY 163.06 ↑ Buy  
    EUR/CHF 0.9546 ↑ Sell  
    Gold 2,046.15 ↑ Buy  
    Silver 22.895 ↑ Buy  
    Copper 3.8582 ↑ Buy  
    Crude Oil WTI 77.70 Neutral  
    Brent Oil 81.73 ↑ Sell  
    Natural Gas 1.748 ↑ Sell  
    US Coffee C 179.45 ↑ Sell  
    Euro Stoxx 50 4,876.45 Neutral  
    S&P 500 5,069.53 ↑ Sell  
    DAX 17,500.45 ↑ Buy  
    FTSE 100 7,686.64 ↑ Sell  
    Hang Seng 16,790.80 Neutral  
    Small Cap 2000 2,028.97 ↑ Sell  
    IBEX 35 10,102.50 ↑ Buy  
    BASF 46.645 Sell  
    Bayer 28.73 ↑ Sell  
    Allianz 245.97 ↑ Buy  
    Adidas 188.40 ↑ Buy  
    Lufthansa 7.293 ↑ Buy  
    Siemens AG 176.45 Buy  
    Deutsche Bank AG 12.243 ↑ Buy  
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