Tesla cut electric car prices in China and other Asian markets on Friday, part of efforts to stoke demand for output from its Shanghai plant, a person with direct knowledge of the plan said.
Tesla slashed prices for all versions of its Model 3 and Model Y cars in China by between 6% to 13.5%, according to Reuters calculations based on the prices shown on its website. The starting price for Model 3, for instance, was cut to 229,900 yuan from 265,900 yuan.
The latest cut in China, along with a price cut in October and incentives extended to Chinese buyers over the past three months, mean a 13% to 24% reduction in Tesla's prices from September in its second-largest market after the United States, according to Reuters calculations.Tesla cut the prices of Model 3 and Model Y cars by about 10% each in Japan, the first time it had done so since 2021. The price for the Model 3 rear wheel drive version is now 5.369 million yen , down from 5.
The price of Tesla's basic Model 3 rear-wheel drive vehicle was listed as 64.34 million won on the company's website on Friday. Its Model Y Long Range sports utility vehicle was 84.999 million won.
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