The logo of carmaker Tesla is seen at a branch in Bern, Switzerland, October 28, 2020. Photo by Reuters/Arnd Wiegmann
Tesla Inc has cut prices in China for its long-range and performance versions of the Model Y starting Aug. 14, the company said in a notice Monday.
The automaker has lowered the starting prices of both models by 14,000 yuan ($1,934.58). The Model Y Long Range starting price is down 4.5% to 299,900 yuan and the Model Y Performance starting price is now 349,900 yuan, down 3.8%.
In the same announcement, Tesla also said it would offer China insurance subsidies of 8,000 yuan to Model 3 buyers of entry-level rear-drive versions of the Model 3 inventory vehicle between 14 August and September 30.
Last month, Tesla CEO Elon Musk said further price cuts were a possibility, even if it would squeeze the automaker’s margins.
Tesla has repeatedly cut prices in the United States, China and other markets since late last year, and increased discounts and given other incentives to reduce inventory, trying to protect itself. against competition and economic uncertainty.
Sales of Chinese-made Tesla vehicles fell 31% in July from June, according to data from the China Passenger Car Association (CPCA) earlier this month, marking its first decline in a month. on the other since December.
