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Tesla Lowers Costs For The Model Y And Model 3 Once More In China

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)

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