Tesla cut the prices of the Model 3 and the Model Y in China, its website revealed today. The prices are down by as much as nine percent, as analysts warn that a price war may be coming in the world’s biggest electric vehicle market.
Prices for the Model 3 went down from 279,900 yuan to 265,900 yuan ($38,523 USD to $36,609 USD at current exchange rates), while prices for the Model Y fell from 316,900 yuan to 288,900 yuan ($43,631 to $39,776 USD), per Reuters.
As a result of the price cuts, CNBC reports that Tesla’s share prices fell by as much as 7 percent in New York this morning. Tesla is China’s third best-selling EV manufacturer, behind BYD Motor and SAIC-GM-Wuling.
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