Tesla Cuts Down the Price of its Model 3 and Model Y Cars in China: Here’s More About it

Tesla has cut down the price of its Model 3 and Model Y cars to increase its sales. The company is currently facing a huge loss in its sales in China.

Here’s more about it.

Tesla has Cut Down the Price of its Model 3 and Model Y Cars

Tesla has just cut down the price of its Model 3 and Model Y cars by 6% to 13.5% after the company sales fell to the lowest number in five months in China.

For the Tesla Model 3, the starting price has been cut from CNY 265,900 to CNY 229,900(about $33,427) and for the Tesla Model Y, the starting price has been reduced from CNY 288,900 to CNY 259,900(about $37,876).

Previously the company had cut down the price of the Model 3 and Model Y by 9% in October and even started to offer incentives of upto CNY 10,000 from September.

One reason for the drop in sales is because of the decision of the government to take out the subsidies on electric vehicles which forced many electric car makers including Tesla to add discounts and reduce the price of their electric vehicles.

For Tesla, sales has dropped by 21% for a year and since November has dropped by 44%. The company is doing all they can to ensure the sales in the world’s biggest market.

Tesla cuts prices in China for Model 3, Model Y by up to 13.5% https://t.co/qAY6tS9sXh pic.twitter.com/EPzjyzirkS

— Reuters (@Reuters) January 6, 2023