Tesla has announced that it will reduce the prices of its Model 3 and Model Y electric vehicles in China for the second time in three months. The price cuts come as Tesla faces increasing competition from local automakers in the world's largest market for electric vehicles.
According to a statement from the company, the price of the Model 3 Standard Range Plus will be reduced by 4% to 299,050 yuan ($46,534), while the price of the Model Y will be reduced by 3% to 339,050 yuan ($52,303).
The price cuts follow similar reductions made in October of last year when Tesla lowered the prices of both models by around 5%.
The move is seen as an effort by Tesla to stay competitive in the Chinese market, where it faces fierce competition from local automakers such as Nio and Xpeng, both of which have seen their sales surge in recent months.
Despite the price cuts, Tesla remains the market leader in China, with the Model 3 and Model Y consistently ranking as the top-selling electric vehicles in the country.
In a statement, Tesla CEO Elon Musk said that the company is committed to making its electric vehicles more affordable for customers in China and around the world.
"We are constantly looking for ways to make our vehicles more accessible to more people, and these price cuts are just one example of our commitment to making electric vehicles more affordable," Musk said.
Resource: Techcrunch
It remains to be seen whether the price cuts will be enough to keep Tesla ahead of its local rivals in the Chinese market, but the company's strong brand and established presence in the country will likely help it maintain its position as the market leader.
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