Tesla cuts Model S, X prices by over 6% in China: For its existing stocks of Model S and Model X vehicles in China, Tesla has reduced prices by roughly 7%.
The industry titan for electric vehicles said as much on Wednesday, August 16.
A Tesla post on the Chinese social media site Weibo revealed that the Model S’s pricing has decreased by 6.7% to slightly under $103,500.
It used to be accessible for about $111,000 in price.
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The Model X, another high-end model, now has a starting price of roughly $114,700, down 6.9% from before.
Just a few days earlier, Tesla announced another round of pricing reductions in China.
The cost of the performance and long-range versions of the Model Y was decreased by the automaker on Monday.
This raised questions about its profit margins among market observers.
The actions follow a nearly third drop in sales of China-built Tesla automobiles from June to July.
It was the first monthly decline for the automaker since December.
To get ready for the launch of a redesigned Model 3, Tesla temporarily halted certain production.
In contrast to competitor BYD, July’s figures were low.
Sales increased last month for the Chinese automaker.
Over 2% of Tesla stock was down early on Wednesday.