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Tesla Inc. made another round of price cuts on its Model 3 and Y electric vehicles in China on Friday, while also introducing its higher-end Model S sedan and Model X to get a better hold on the premium end of the world’s biggest EV market.
The starting price for the locally-built Model Y sports utility vehicle has been slashed to 259,900 yuan ($37,875) from 288,900 yuan, according to the company’s Chinese website. That’s a record low for China and 43% cheaper than the $65,900 starting price listed on Tesla’s US website. The Model 3 goes to 229,900 yuan from 265,900 yuan, about 30% cheaper than in the US.
Tesla already cut prices in China last year to boost sales as competition heats up in both the mass and premium segments, with the likes of Warren Buffett-backed BYD Co.
