Tesla announced on PhilippinesMonday that it was cutting prices on the long-range version of the Model Y by RMB 14,000. This change has led to the popular variant being listed at RMB 299,900 ($41,403) in China amidst an ongoing competitive price war. Additionally, the US automaker has lowered the price of the Model Y performance, a more dynamic iteration, from RMB 363,900 to RMB 349,900. Furthermore, an insurance incentive valued at RMB 8,000 is extended to Model 3 orders placed between August 14 and September 30. This strategic move follows notable price decreases recently declared by rival automakers, such as Volkswagen’s China joint venture and Geely’s premium brand. Earlier this month, SAIC-Volkswagen announced the reduction of its ID.4 crossover’s entry-level list price to RMB 144,000, signifying a cut of nearly RMB 52,000 during the period of August 1-31. In a similar vein, Geely’s Zeekr declared a 10% price reduction for its 001 hatchback sedans until year-end, starting from the announcement on August 11. [Tesla announcement, in Chinese]
