Tesla is scrambling to mend fences with European leasing companies after its aggressive retail price cuts significantly devalued their existing fleets. The move, aimed at boosting sales amidst softening electric vehicle demand globally, has backfired, alienating key corporate customers.
The Problem:
Tesla's repeated retail price cuts drastically reduced the resale value of cars already in leasing company fleets.
This financial blow, coupled with Tesla's reputation for slow service and expensive repairs, has frustrated corporate fleet managers.
Tesla's Damage Control Efforts:
Unofficially offering discounts on new in-stock cars to leasing companies.
Addressing long-standing complaints about service, repairs, and the car ordering process.
Why Fleet Buyers Matter:
In Europe, nearly half of all car sales involve fleets managed by leasing companies.
Leasing companies are major customers for Tesla, and their dissatisfaction can significantly impact sales.
The Takeaway:
Tesla's strategy of prioritizing short-term sales growth through price cuts has come at a cost. The company is now working to regain the trust of European fleet buyers, a crucial market segment for its success.
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Source: Reuters
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