Tesla has slashed the prices of its Model 3 sedan and Model Y SUV between 6% and 20% in the US.

The EV maker also slashed prices in Europe — including Germany and France.

The price cuts are a reversal from 2022, when Tesla hiked prices several times amid supply chain disruptions.

Tesla buyers in the US and part of Europe can now rejoice — the electric vehicle, or EV, is now cheaper by up to one-fifth of its cost. 

The price cut mirrors those in other markets, after the EV maker missed market expectations for deliveries in the fourth quarter.

Prices of the Model 3 sedan and Model Y SUV were slashed on Thursday. The discounts range from 6% to 20%, per Reuters' calculations.