Tesla Inc's (NASDAQ:TSLA) recent moves to cut prices are damaging the electric vehicle (EV) market and causing a drop in confidence, according to Renault boss Luca de Meo.
He said the US company’s cutting of prices in China, Europe and the US were “destroying value” for customers, who have seen their cars suddenly worth less, while creating an unhealthy market.
“We will continue to protect the value of our electric vehicles,” he added, confirming the manufacturer wouldn’t follow the likes of Ford in responding, “the last thing I’m going to do is to compromise on […] margins”.
Tesla has toyed with its Model Y and 3 vehicle prices in recent months, ultimately cutting them by 16% in the US, as well as in Europe and China.