Electric vehicle manufacturer Tesla has announced another price cut, marking the sixth time it has reduced prices this year. The announcement comes on the eve of Tesla's Q1 earnings report, which is expected to show strong growth despite increasing competition in the electric vehicle market.

Tesla's price reductions are seen as a strategy to stay competitive in a market that has seen an influx of new players, including established automakers such as Ford and General Motors. These companies are investing heavily in electric vehicles, and as a result, the competition in the market has become intense.

Despite the competition, Tesla remains a dominant player in the electric vehicle market. The company's vehicles have a reputation for performance, safety, and technology, which has helped it to maintain its market share. However, as more players enter the market, Tesla will need to continue to innovate and stay ahead of the curve to remain competitive.