As a result of Tesla’s latest price reduction in mainland China, which was a result of fierce competition, shares fell as much as 3% on Monday.
By lunchtime, shares were marginally negative and down 1.5% after reversing some of their earlier losses. By late Sunday night on Weibo, the manufacturer made the announcement.
A discount of 14,000 yuan, or around $2,000, has been applied to two Chinese models of Tesla’s Model Y crossover, which were previously priced at 299,000 and 349,000 yuan.
A “limited-time insurance subsidy” of 8,000 yuan, or roughly $1,100, will be offered for the Model 3. According to Tesla’s post, the insurance subsidy is valid until September.
Source (CNBC)
