Tesla once again cuts prices in China – Kommersant
[ad_1]
Tesla has cut prices on two of its electric vehicle models made in China. Price Model 3 reduced by 5.9%, to 245.9 thousand yuan ($34.3 thousand), Model Y – by 2.8%, to 258.9 thousand yuan ($36.1 thousand).
Over the past year and a half, Tesla has repeatedly lowered the prices of its electric vehicles and USAand in China. In China, this happened especially actively in order to cope with fierce competition in the local market – there were times when electric cars there cost almost half as lowthan in the USA. Because of Tesla’s pricing policy, other electric vehicle manufacturers also have to significantly lower their prices – both Chinese, for example, Xpeng and BYD, and foreign, including Volkswagen.
The growth rate of electric vehicle sales in China is expected to slow to 25% this year. For comparison, in 2023, sales of electric vehicles in the country grew by 36%, and in 2022 by 96%. Deliveries of Tesla electric vehicles grew by 37% in China last year, amounting to 603.6 thousand.
The company’s shares fell almost 1% in over-the-counter trading. Shares of its rivals fell even further, with shares of Chinese electric vehicle makers Xpeng, Li Auto and Nio down 4.8%, 2.8% and 1.9% respectively.
Previously, the Chinese BYD surpassed Tesla in sales of electric vehicles.
What explains the success of the Chinese conglomerate, read in the Kommersant article “BYD is catching up with Tesla”.
[ad_2]
Source link
