Tesla Cuts Price for Model 3 Sedans in China [TheStreet.com]
Tesla, Inc. (TSLA)
Last tesla, inc. earnings: 4/29 04:11 pm
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Source: TheStreet.com
Tesla(TSLAGet ReportThe reduction was first reported by Reuters. The subsidy amounts to 24,750 yuan ($3,552) per vehicle.The decrease puts the Model 3’s price only 13% above its entry Model X, Bloomberg reported. The price in China for imported Model 3s is 439,900 yuan ($63,133) before subsidies.Given the lingering presence of the coronavirus in China, Tesla may have felt pressure to cut prices to stimulate demand. The pandemic has closed Tesla’s only U.S. plant in in Fremont, California.Tesla began producing cars at a factory in Shanghai in January. That’s Tesla’s only plant outside the U.S. The first cars made at the plant will be delivered Monday.The Model 3 is advertised as having a single-charge range of 415 miles, compared to 280 miles for the Model X.Tesla faces heated sales competition in China from both foreign electric car makers, including Volkswagen and BMW, and local Chinese players. Telsa’s car registrations in China have dropped for two straight months, according to Blo
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