On Friday, Tesla Inc. reduced the price of its Model 3 and Y electric cars in China once more while also introducing the higher-end Model S sedan and Model X to better capture the high-end EV market there.
According to the company’s Chinese website, the starting price for the locally produced Model Y sports utility vehicle has been reduced from 288,900 yuan to 259,900 yuan ($37,875). It is 43% less expensive than the $65,900 beginning price published on Tesla’s US website, which is a record low for China. The Model 3 is now available for 229,900 Yuan, which is around 30% less than what it costs in the US.
With international competitors like Porsche AG and Mercedes Benz Group AG, as well as domestic rivals like Warren Buffett-backed BYD Co. and Xpeng Inc., all pushing for sales, Tesla previously reduced pricing in China last year to increase sales.
This news is written by Ms. Amrita Singh, Research Assistant, All India Legal Forum.