Tesla cuts Model S and X prices by over 6% in China

Tesla has cut prices for its existing inventories of its premium Model S and Model X cars in China by as much as 6.9%, it said on Wednesday.

A post from the carmaker on social media platform Weibo showed the price of the Model S cut by 6.7% to 754,900 yuan ($103,477.58) from 808,900 yuan earlier.

The Model X now starts from 836,900 yuan, down 6.9% from 898,900 yuan earlier.

Tesla on Monday said it cut prices in China for its Model Y’s long-range and performance versions starting on August 14, which triggered concerns around its profit margins.

The moves come after sales of Tesla’s China-made vehicles fell 31% in July from June, their first month-on-month decline since December, as the automaker idled some production to prepare for a revamped Model 3 launch.

By contrast, China’s BYD increased sales from June.

Source:CNN