Tesla Lowers Prices for Model S Cars in China
October 13 2020 - 4:56AM
Dow Jones News
By Martin Mou
Tesla Inc. has lowered prices for its Model S cars in China
following a price cut on another car model earlier this month.
After a deduction of 23,000 yuan ($3,409), the long-range
version and the performance version of Model S now sell for
CNY733,900 and CNY833,900, respectively, according to Tesla's China
website.
A representative from Tesla China declined to comment on the
price cut.
Earlier this month, the American car maker cut prices for the
cheapest version of its Model 3 by 8% to $37,000 after subsidies.
Prices for some longer-range models, which aren't eligible for
subsidies, were cut by a deeper 15%.
Tesla's price cuts come as China's electric-vehicle market is
gathering steam again. Sales of new-energy vehicles, including
electric cars made by Tesla, jumped 68% last month, the highest
sales volume ever for September, the China Association of
Automobile Manufacturers said Tuesday.
Competition in China's EV market is also set to intensify as
Tesla's Chinese rivals beef up their war chest to expand capacity.
NYSE-listed XPeng Inc. last month secured $586.2 million in
financing to fund business expansion, including the construction of
a new manufacturing base.
Write to Martin Mou at martin.mou@wsj.com
(END) Dow Jones Newswires
October 13, 2020 04:41 ET (08:41 GMT)
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