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Citing increased manufacturing efficiencies and decreased component costs, Tesla made another round of drastic Model Y and Model 3 price 'adjustments'. The Model Y, in particular, now starts from just US$37,875 in China, a price that is 43% lower than the SUV's tag in the US.
The discounts supersede a set of incentives that Tesla extended just this week, underscoring its struggles after it missed its 2022 worldwide delivery targets, and was overtaken by BYD.
Tesla promised to be different. But now it's discounting the Model 3 and selling to Hertz like a regular car company.
The entry-level version of Xiaomi’s car could be priced between 260,000 yuan (US$37,900) and 300,000 yuan, and is expected to launch at the end of this year, according to a report by LatePost.
Tesla cut prices in China for the second time in less than three months on Friday, fuelling forecasts of a wider price war amid weaker demand in the world's largest autos market. The U.S. automaker also cut prices on its best-selling Model Y and Model 3 electric vehicles in Japan, South Korea and Australia in what a person with direct knowledge of the plan said was part of an effort to help stoke demand for output from its Shanghai factory, its single largest production hub.