Tesla has been slashing prices for its vehicles in the Chinese, US and European markets amid declining sales.
Tesla, eager to hold on to its market share in China, is amping up its price war against its Chinese rivals amid declining sales.
The EV manufacturer slashed its vehicle prices in multiple markets over the weekend. In China, Tesla has reduced the price of its Model 3, S, X, and Y by 14,000 yuan, or $1,930. The Model Y now costs 249,900 yuan — yet another cut from its January price of 299,900 yuan.
A similar cut was also applied in the US last Friday, where the Model S, X, and Y were given price cuts of $2,000 each. Prices for Tesla’s new Cybertruck and Model 3 remain unchanged in the US.
Tesla’s moves didn’t go unnoticed by Chinese automakers, who responded in kind. On Monday, Li Auto introduced price cuts of between $2,485 to $4,144 across all its models.
