Tesla slashes prices on its Model 3 electric car in China by upto 7.6 percent
Tesla cut prices on its Model S and Model X after China’s finance ministry.
Tesla Inc has slashed prices on its Model 3 electric car in China. According to the California-based electric carmaker’s Chinese website, prices of certain Model 3 cars were cut by up to 7.6 percent. The starting price for a Model 3 in China now is 499,000 yuan ($72,000).
It was the third time in the last two months that Tesla has adjusted its prices in China. In November, the company cut the prices of its Model X and Model S cars by 12 to 26 percent.
Tesla at the time said it was “absorbing a significant part of the tariff to help make cars more affordable for customers in China”.
Earlier this month Tesla cut prices on its Model S and Model X after China’s finance ministry said it would suspend additional tariffs on U.S.-made vehicles and auto parts for three months from January, lowering the cost of importing U.S.-produced Tesla cars into China for sale.
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The company, which is led by Elon Musk, said about 3 percent of the recalled vehicles may have the issue, which was detected during internal testing. Tesla said it had not received reports of any issues or accidents related to the problem.
Gains in the high-flying stock, which has already risen 52 percent this year, were set to add about $3.2 billion to Tesla's market value.
Tesla aims to roll out 5,000 cars a week; will add more factory jobs as Musk admits 'excessive automation' was a mistake
Elon Musk has also admitted that Tesla, his electric vehicle-making company has been too reliant on robots for production and the human workforce is underrated.