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

Tesla lowers the cost of the Model S and X in China by more than 6%

According to a statement released on Wednesday, Tesla (TSLA.O) has reduced prices for its current stocks of the high-end Model S and Model X vehicles in China by as much as 6.9%.

A statement from the automaker on the social media site Weibo revealed that the Model S’s pricing has dropped from 808,900 yuan to 754,900 yuan ($103,477.58), a 6.7% decrease.

Currently, the Model X starts at 836,900 Yuan, 6.9% less than it did previously (898,900 Yuan).

Concerns about its profit margins were raised when Tesla announced on Monday that prices for the long-range and performance versions of the Model Y would be reduced beginning on August 14.

The actions follow a 31% drop in sales of China-built Tesla vehicles in July compared to June, the first month-over-month drop since December, as the automaker idled some production in anticipation of the launch of a redesigned Model 3.

BYD (002594.SZ) of China, in contrast, saw an increase in sales from June.


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