Tesla has slashed starter prices for its Model 3 and Model Y cars by as much as 9% in China, reversing a trend of increases across the industry amid signs of softening demand in the world's largest auto market as analysts warn of a price war.
Visitors wearing face masks check a China-made Tesla Model Y sport utility vehicle at the electric vehicle maker's showroom in Beijing, China January 5, 2021. REUTERS/Tingshu Wang/File Photohas slashed starter prices for its Model 3 and Model Y cars by as much as 9% in China, reversing a trend of increases across the industry amid signs of softening demand in the world's largest auto market as analysts warn of a price war.
The move to reduce some prices by nearly a tenth comes after Tesla Chief Executive Elon Musk said last week that "a recession of sorts" in China and Europe was weighing on demand for its electric cars.Data on Monday showed retail sales in the world's no. 2 economy grew 2.5% in September, below the expected 3.3% rise and less than half August's 5.4% growth.
The starting price for the Model 3 sedan was reduced to 265,900 yuan from 279,900 yuan, while that for the Model Y sport utility vehicle was cut to 288,900 yuan from 316,900 yuan, the product prices listed on its Chinese website showed. Tesla delivered 83,135 China-made EVs in September, an 8% increase from August, and set an output record for the Shanghai factory since production began in December 2019.But China Merchants Bank International analysts warned last week 2023 would bring more competition to the EV sector, saying that it expected to see sales growth for EVs and hybrids on a combined basis to drop below 50%.
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