Tesla is cutting China prices on the Model 3 and two Model Y variants, the EV giant announced overnight. TSLA stock fell Friday, extending a recent retreat.
The Model 3 Rear Wheel Drive is now RMB 245,900 ($34,639), down 5.9% from RMB 261,400 ($36,822). The Model 3 All Wheel Drive comes down 3.9% to RMB 285,900 from RMB 297,400.
Tesla is cutting the Model Y RWD price by 2.8% to RMB 258,900 from RMB 266,400. The Model Y LR is being trimmed 2.1% to RMB 299,900 from RMB 306,400.
Tesla did not adjust the Model Y Performance in China, which remains RMB 363,900.
Most Tesla sales in China are for the base Model Y.
Tesla apparently is no longer offering an insurance subsidy of RMB 6,000 on Model 3 inventory vehicles.
Tesla China sales were strong in 2023, hitting a new record in the fourth quarter. But China is fiercely competitive, with rivals continuingly introducing new models with advanced tech and aggressive prices.
Li Auto announced significant cuts for its lineup, according to local media. That comes ahead of an expected facelift for its existing models in March. But Li Auto also is facing competition from Huawei-backed Aito and others.
Tesla Stock
Tesla stock declined 3.7% to 218.89, extending its weekly loss to 7.8%.
Shares fell 2.9% on Thursday amid a variety of other headlines. TSLA stock broke below its 200-day line for the first time since Nov. 13.
Tesla stock still has a 278.98 buy point from a double-bottom base, but the pattern is looking increasingly awkward.
Li Auto stock fell 4.15%, nearly undercutting its October low.
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