Tesla Model S and X slashes up to $32,000 in China

In a recent turn of events, electric vehicle (EV) company Tesla has slashed up to $32,000 on its EV models in China. This reduction is in line with the price changes made in the U.S.

Tesla CEO, Elon Musk is now making these adjustments to increase sales as the EV market faces sales downwind. This also comes as Tesla chief is facing criticism from investors over his leadership amid slow market growth.

China is an important market for all EV makers due to its high growth potential. It is now filled with competition with domestic car companies producing low-cost models. Tesla is facing heat from Chinese EV makers such as BYD, which surpassed the U.S. EV maker in the last quarter. However, Tesla reclaimed the spot as BYD slips in the first quarter of 2024.

The new price change remains at 4 to 6 percent on Model 3 and Model Y. But it went to a massive up to 22 percent on Model S and X. The company is producing Model 3 and Y in the country and imports the other two flagship models.

Tesla Model 3 rear-wheel drive (RWD) model now starts at RMB 231,900 reduced from RMB 245,900 (down RMB 14,000 – $1,971). The Long Range version is priced at RMB 271,900 from RMB 285,900 (down RMB 14,000).

Tesla Model Y rear-wheel drive (RWD) has a new price of RMB 249,900 reduced from RMB 263,900 (down RMB 14,000 – $1,971). The Long Range version is reduced to RMB 290,900 from RMB 304,900 (down RMB 14,000). The Performance version was priced at RMB 354,900, reduced from RMB 368,900 with a similar decline.

The Tesla Model S base model has a price tag of RMB 684,900 reduced from RMB 808,000 (down RMB 124,000 – $17,463). The Model S Plaid is priced at RMB 814,900 from RMB 1,028,900 (down RMB 214,000 – 30,138).

The Model X now starts at RMB 724,900 reduced from RMB 898,900 (down RMB 174,000 – $24,505). The Model X Plaid is priced at RMB 824,900 from RMB 1,058,900 (down RMB 234,000 – 32,955).

The price changes percent are:

• Model 3 RWD – 5.96%
• Model 3 LR – 4.90%
• Model Y RWD – 5.31%
• Model Y LR – 4.59%
• Model Y Performance – 3.80%
• Model S AWD – 15.33%
• Model S Plaid – 20.80%
• Model X AWD – 19.36%
• Model X Plaid – 22.10%

(source)