The electric automaker, Tesla has slashed prices for some models in China.
In a Weibo Post, the company said its Model 3 and Model Y vehicles in China would now be priced at 229,900 yuan (about $33,374) and 259,900 yuan, respectively.
According to CNBC, the latest prices represent a drop of 13 per cent to 24 per cent from four months ago, Reuters’ calculations showed.
Shenzhen-listed shares of Tesla’s Chinese suppliers rallied on optimism the price cut could boost demand.
Shares of Anhui Shiny Electronic Technology closed 8.8 per cent higher and Hengdian Group DMEGC Magnetics gained nearly nine per cent. Zhejiang Chint Electrics closed 7.92 per cent higher and Shandong Jinjing Science & Tech rose more than six per cent.
Tesla previously cut prices in China in late October in a bid to prop up sales and its competitive edge against rivals including BYD, which recently unveiled new luxury models.
Grace Tao, a Tesla vice president of external affairs in China, said in a Weibo post that the latest price adjustments were meant to boost demand.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from Aproko Vibes.
Contact: [email protected]