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Tesla has dropped the prices of its Model 3 and Model Y electric vehicles in China, in a move that is being seen as a response to increased competition from local brands. The Model 3 now starts at 229,900 RMB, the same price as the BYD seal Standard Range model.
The price reduction is intended to help maintain Tesla’s competitiveness in the local market as more local companies release electric vehicles and as demand for EVs in China has slumped due to macroeconomic and COVID-related economic growth.
The price war with local brands is just the latest challenge for Tesla in China, where the company has faced production delays, supply chain issues, and increasing competition. However, Tesla has remained committed to the market, and the company has continued to invest in its Gigafactory Shanghai, which has helped to increase production and improve delivery times.
Tesla has just dropped its prices in China. The Model 3 Standard Range RWD now starts at ¥229,900. It was ¥265,900 from 24 Oct 2022 until now.
— Troy Teslike (@TroyTeslike) January 6, 2023
230K Yuan is about the same as the BYD Seal Standard Range RWD. I love this. The price war is on. Tesla is going all out. pic.twitter.com/WdDyfe1a2W
Despite the challenges, Tesla has had some success in China. In 2022, the company sold more than 400,000 electric vehicles in the country, making it one of the top-selling EV brand in the market.
Tesla’s success in China has been driven by the growing demand for sustainable transportation options and the company’s focus on reducing its environmental impact.
The price reduction for the Model 3 and Model Y in China is a bold move by Tesla, and it remains to be seen whether it will be enough to maintain the company’s market share in the face of increased competition. However, with its strong brand and reputation for quality, Tesla is well-positioned to continue leading the way in the growing electric vehicle market in China.
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