Tesla Slashes Prices After Demand Slumps by 50%
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Tesla Slashes Prices as Demand Falls

Tesla slashes price of Model 3 & Model Y in China

After two highly publicized sales promotions failed to meet sales targets, Tesla is hoping a price cut will reinvigorate demand.

Tesla has slashed the prices of its most popular EV models in China after the number of visitors to Tesla stores decreased by a staggering 50%. The company hopes that the new pricing structure will succeed in spurring demand for the still popular Model 3 and Model Y electric cars, both made in Tesla’s troubled Shanghai Gigafactory.

“The prices of Tesla after the price cut are 265,900 Yuan (36,670 USD) for the rear-wheel drive Model 3,” writes Car News China. “It has received a price cut of 14,000 Yuan (1960 USD) from the previous pricing of 279,900 Yuan. The dual-motor AWD Model 3 gets a price cut of 18,000 Yuan (2517 USD), making its prices as low as 349,900 Yuan (48,920 USD) from 367,900 Yuan. In contrast, the real-wheel drive variant of Model Y now starts at 288,900 Yuan (40,390 USD) instead of 316,900 Yuan. Since the price has been under 300,000 Yuan, the vehicle will be eligible for subsidies.”

Updated Tesla Model 3 Pricing

Screencap courtesy CarNewsChina.

Tesla told Car News China that its “subsidy special pricing” is slated end December 31st of this year, but that is (of course) assuming the plan works. If demand stays low it seems unlikely, to us, that Tesla will raise its prices once again.

That’s our take, anyway – what’s yours? Do you think Tesla has the Chinese market all figured out, or is increased competition from GM and other Chinese-owned brands taking its toll on the once solitary EV brand? Scroll down to the comments and let us know!

SOURCE | IMAGES: CAR NEWS CHINA.

FTC: We use income-earning auto affiliate links. Learn more.

AUTHOR: 

JO BORRAS

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