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Tesla lowers the price of its cars in China for the second time in three months

Date: February 3, 2023 Time: 06:54:29

In a context marked by the shortage of semiconductors, essential for the automotive industry, first with the coronavirus pandemic and now with the Russian invasion of Ukraine, Tesla has decided to give a new impetus to the Chinese market and has cut prices this Friday of its cars in the Asian giant for the second time in less than three months, with discounts of between 6% and 13.5%, the company reported on its website.

The Model 3’s starting price has dropped to 229,900 yuan ($33,427) from 265,900 yuan ($38,755) previously, while the Model Y has dropped to 259,900 yuan ($37,880) from 288,900 yuan ($42,107).

In 2022, Tesla had already cut prices for the cars it sells in China to boost sales at a time of low demand and increased competition from local brands.

Also, during the last quarter, Tesla has faced production difficulties in China due to the wave of covid-19, and has also applied price cuts in that country and in the US due to weak demand.

The firm remains popular in China, where it has a ‘Gigafactory’ in the city of Shanghai from which practically half of its vehicles sold globally came out in 2021.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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