Tesla once again cuts prices in China, introduces S and X models

Starting prices for the locally made Model 3 have been reduced from 265,900 yuan to 229,900 yuan ($33,465) and for the Model Y from 288,900 yuan to 259,900 yuan, according to the company’s website.

Tesla cut prices in China last year to boost sales as competition heated up in both mass and premium segments from Warren Buffett-backed BYD Co, Xpeng Inc and NIO Inc as well as international players. Porsche AG and Mercedes-Benz Group AG are all vying for sales.

The newly introduced Model S with redesigned interior costs 789,900 yuan, while the plaid version – Tesla’s fastest car, taking only 2.1 seconds to go from zero to 100 kilometers (62 mph) – 1.01 million. Yuan will be sold from. The price of the Model X SUV starts at 879,900 yuan and the Model X plaid starts at 1.04 million yuan. Tesla said deliveries would begin in the first half of this year.

Austin-based Tesla is a major player in China’s mass-market EV sector – vehicles that cost no more than 300,000 yuan. The company localized production of the Model 3 sedan in late 2019 when it opened a factory in Shanghai capable of churning out 450,000 cars a year. It started shipping Model Ys from there in January 2021.

Tesla plans to ship more than 710,000 vehicles from Shanghai in 2022, which accounts for about 54% of its sales worldwide. But deliveries slowed in December as production was suspended due to equipment upgrades and lackluster demand. Its share price plunged 12% on Tuesday after Tesla announced earlier this week that global deliveries were lower than expected for the third-straight quarter.

The text of this story is published from a wire agency feed without any modification.