In response to the highly competitive electric vehicle (EV) market in Hong Kong, Tesla is reportedly planning to lower the prices of its popular Model 3 and Model Y vehicles, according to a recent report by The Hong Kong Economic Times. The move comes as the American automaker faces stiff competition from local EV manufacturers, necessitating strategic price adjustments to maintain its foothold in the region.
Currently, Tesla’s Rear-Wheel-Drive Model 3 is priced at HK$341,200 ($43,745), the Long Range variant at HK$387,900 ($49,732), and the Performance model at HK$406,900 ($52,168). Although specific details on the new prices for each model have not been disclosed, the report suggests that the reductions will range from 6 to 11.9 percent.
Similarly, the Model Y, which has gained popularity among consumers in Hong Kong, is currently priced at HK$367,100 ($47,065) for the RWD version, HK$415,900 ($53,322) for the Long Range variant, and HK$428,700 ($54,963) for the Performance model. The price cuts are expected to apply across all Model Y variants.
Tesla, which entered the Hong Kong market in 2013, holds a significant presence in the region, with its Hong Kong store being the automaker’s first in all of Asia. However, since 2020, the company’s Model S and Model X vehicles have not been available in the Hong Kong market. As a result, all Teslas sold in the region are now manufactured at the Giga Shanghai facility.
While Tesla has not officially confirmed the price adjustments, several sources indicate that the changes will take effect in the near future. The EV market in China, including Hong Kong, is fiercely competitive, with strong contenders from local automakers such as BYD, XPeng, and NIO. As a result, price wars are common, forcing Western manufacturers like Tesla to make strategic pricing decisions to remain competitive in the rapidly evolving industry.
