Tesla has reduced the prices of all its models in China in response to increasing competition in the market.
Prices for the locally produced Model 3 and Model Y have been lowered by approximately 4-6 percent, while the imported Model S and Model X see reductions of up to 22 percent.
The entry-level, rear-wheel-drive Model 3 now starts at RMB 231,900 ($32,030), down RMB 14,000 or 5.69 percent from the previous price of RMB 245,900. Similarly, the dual-motor Model 3 Long Range now starts at RMB 271,900, a reduction of RMB 14,000 or 4.9 percent from RMB 285,900.
The entry-level rear-wheel-drive Model Y has a new starting price of RMB 249,900, down RMB 14,000 or 5.31 percent from RMB 263,900. The Model Y Long Range starts at RMB 290,900, a decrease of RMB 14,000 or 4.59 percent from RMB 304,900, while the Model Y Performance now starts at RMB 354,900, a reduction of RMB 14,000 or 3.8 percent from RMB 368,900.
For the Model S, the regular version now starts at RMB 684,900, down RMB 124,000 or 15.33 percent from RMB 808,900, while the Model S Plaid starts at RMB 814,900, a reduction of RMB 214,000 or 20.8 percent from RMB 1,028,900. The regular Model X starts at RMB 724,900, down RMB 174,000 or 19.36 percent from RMB 898,900, and the Model X Plaid starts at RMB 824,900, a decrease of RMB 234,000 or 22.1 percent from RMB 1,058,900.
Tesla’s price cuts in China follow similar reductions in the United States. The company recently lowered the prices of the Model Y, Model S, and Model X by $2,000 in the US, although there were no changes to the Model 3 or Cybertruck prices.
Tesla’s move comes as the company faces declining sales globally. In the first quarter, Tesla delivered 386,810 vehicles worldwide, down 8.53 percent year-on-year and 20.16 percent from the fourth quarter of 2023.
In China, Tesla delivered 132,420 units in the first quarter, a 3.64 percent decrease year-on-year and a 22.08 percent decrease from the fourth quarter of 2023. Despite facing increasing competition in China’s EV market, Tesla’s Model Y remains one of the best-selling models, with monthly sales surpassing many traditional gasoline cars.
