Tesla Model 3 and Y gets 2024’s first price cut in China

Tesla today announced a new round of price cuts in China on Model 3 and Model Y electric vehicles (EVs) to rush another price reduction competition in 2024.

It’s revealed that Tesla has slashed the price of the basic Model 3 sedan by 5.9% to 245,900 yuan ($34,300) based on the updated listing on the Tesla China website.

On the other hand, the Tesla Model Y sport utility vehicle now starts at 258,000 yuan reduced by 2.8% cut from 266,400 yuan.

Tesla Model Y

The latest price adjustment is an addition to the past year’s price slashing, which happened around 4 times. However, it also shows the current market competition in China with slowing EV demand among customers.

Still, Tesla motivated others to participate in the EV price reduction and also reduce prices.

(Source – Bloomberg)