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Blume, the CEO of Volkswagen, announced that they will not be following Tesla's lead by reducing prices for their electric vehicles.

Volkswagen's CEO Oliver Blume stated to a German newspaper that the company has no intention of offering reductions on its electric vehicles to compete with Tesla's price cuts.

Blume, the CEO of Volkswagen, announced that they will not be following Tesla's lead by reducing prices for their electric vehicles.

Blume told the Frankfurter Allgemeine Sonntagszeitung that Volkswagen won't participate in a price battle with Tesla. He emphasized the company's confidence in its products and brands, stating that they have a clear pricing strategy focused on reliability.

According to Blume, Volkswagen aims to become a global leader in electric vehicles but wants to achieve this goal through profitable growth

In response to Tesla's price adjustments, Ford has also adjusted the pricing of its Mustang Mach-E crossover in the United States. The new pricing ranges from $5,900 to $600 less, depending on the trim level selected.

According to Antoine Weill, a partner at consultancy Simon-Kucher & Partners, the price cuts from Tesla are taking place faster and more harshly than expected and may drive competitors out of the market. Despite this, Volkswagen and Renault are not considering reducing their electric vehicle prices in response to Tesla's discounts.

Renault's brand boss, Fabrice Cambolive, expressed concerns that cutting prices by 10% or more in a short time frame could negatively impact residual values and harm existing customers. He believes stability is crucial and that EV prices will likely come under scrutiny in the future. Despite these challenges, both Renault and Volkswagen remain focused on maintaining their pricing strategies and are not participating in a price war with Tesla.

Porsche to hike prices

Porsche, part of the VW Group, is reportedly considering raising its vehicle prices by up to 6% according to dealer sources. A Porsche spokesman acknowledged the standard industry practice of price adjustments at the change of model year but did not confirm the size of the price increases or which models would be affected. The official prices for the upcoming model year are expected to be released in March.

Meanwhile, Tesla's Model 3 and Model Y were the top-selling EVs in the German market in December, reflecting a push by automakers and dealers to get full-electric cars registered before changes in incentives for battery-driven vehicles. Tesla's sales success contrasts with the stance of Porsche, VW, and Renault, who have not lowered EV prices in response to Tesla's cuts and are showing confidence in their own products.

In conclusion, the actions of Porsche, VW, Renault, and Tesla will greatly impact the future of the EV industry. The potential price hike by Porsche highlights their belief in the strength of their products, while Tesla's sales success shows the increasing demand for electric vehicles. The industry is rapidly evolving and it will be interesting to see how these players navigate this dynamic market.