Tesla has implemented significant price reductions across various models globally in response to slowing electric vehicle sales and ahead of its first-quarter earnings report. The price cuts include a 20% reduction for the Model S and X in China and a 5.7% cut for the revamped Model 3. In the U.S., prices were reduced by approximately $2,000 for three of its five models, and the Full Self-Driving software price was cut from $12,000 to $8,000. This strategic move coincides with Tesla's announcement of laying off more than 10% of its global workforce following a year-over-year delivery drop, the first since 2020. Despite these challenges, Tesla is seeking shareholder approval for a multi-billion-dollar pay package for CEO Elon Musk.