Stellantis CEO Warns of 'Bloodbath' in EV Market Amid Price Cuts

Tesla's strategy of slashing prices on its Model Y SUV criticized as other automakers cut back on EV production.

Stellantis CEO Carlos Tavares warns against price reductions in the electric vehicle (EV) market, stating it could lead to a 'bloodbath' and make car manufacturers acquisition targets.
Tesla recently cut prices on its best-selling SUV Model Y in China and Europe, a move Tavares criticizes, suggesting it could lead to a collapse in profitability.
Stellantis, one of the largest EV sellers in Europe, is launching its first all-electric models in the US this year, including the Jeep Avenger and an all-electric version of the Dodge Charger.
Other automakers like Ford have announced plans to cut back on EV production due to slower than expected demand.
Despite the price cuts, Tesla's profit margin decreased by over 40% year-over-year, as of last year's Q3 earnings report.