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Tesla to cut prices in China again as competition heats up

China virus outbreak pandemic Coronavirus
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Tesla Inc. is cutting prices of cars sold in China for a second time this month as competition starts to heat up again in the world’s largest electric-vehicle market.

The reduction applies to the long-range version of the locally built Model 3, lowering the sticker price by about 20,000 yuan ($2,818), a company representative said Thursday.

The cut of about 6% would make up for a rebate that is going away later this year, meaning consumers would continue to pay 344,050 yuan for the car, the representative said.

The move may help Tesla stay competitive against Daimler AG, Volkswagen AG, General Motors Co. and other rivals as car demand in China gradually recovers from a slump worsened by the coronavirus outbreak.

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COVID-19
United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
India
Cases: 34 321 025
Deaths: 459 652
Recovered: 0
Brazil
Brazil
Cases: 21 835 785
Deaths: 608 235
Recovered: 0
United Kingdom
United Kingdom
Cases: 9 215 683
Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
Detail statistic
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