Tesla quietly announced new pricing for the China market. This is the second pricing cut by Tesla for the lower priced models in three months.
The automaker announced price cuts up to 9% on the Model 3 and Model Y in October.
The Model 3 and Model Y saw their prices cut drastically, and Tesla finally revealed the pricing for the high performance Plaid edition of the Model S and Model Y, both of which were not previously sold in market.
The Model 3 is now priced at CNY 229,900, down from CNY 265,900, a reduction of CNY 36,000. The Model Y is now priced at CNY 259,900, down from CNY 288,900, a reduction of CNY 29,000. The Model S Plaid will cost CNY789,900 ($114,809) and the Model X Plaid will cost CNY879,900 ($127,890).
Today’s announcement came days after the company’s most recent financial report, revealing lower than expected worldwide vehicle shipment numbers.
China Passenger Car Association (CPCA) reported Tesla vehicle shipments dropped 44% to 55,796 in November as the automaker reduced factory output and cut prices amid reduced demand.
The CPCA report shows that Tesla was outside by two rivals: BYD and SAIC-GM-Wuling Automobile Co, the joint venture of General Motors in China. BYD notably outside Tesla over four to one, delivering 234,598 vehicles.
SAIC-GM-Wuling Automobile Co, the joint venture of General Motors in China making small budget EVs, also outsold Tesla by 53%, according to the association.
Still, Tesla saw growth in China over the year. The CPCA report notes that Tesla delivered 50% more vehicles produced by its Shanghai plan over 2021 levels.