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  Neither the author, Ruholamin Haqshanas, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">website policy</a>&nbsp;prior to making financial decisions. 
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<p class="has-drop-cap"><a aria-label="Tesla introduced (opens in a new tab)" href="https://www.reuters.com/business/autos-transportation/tesla-cuts-prices-china-some-model-y-versions-2023-08-14/" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">Tesla introduced</a> new price cuts in China in response to a significant decline in vehicle sales in July from June, Reuters reported on Monday. The announcement sent Tesla’s stock tumbling over 3% in the market pre-open.</p> 
<h3 id="tesla-trims-prices-of-china-made-model-y-versions">Tesla Trims Prices of China-made Model Y Versions</h3> 
<p>Shares of Tesla plunged 3% in premarket trading Monday after the electric vehicle (EV) maker announced fresh price cuts in China to address the sales slowdown in the world’s largest auto market. The stock was at $235 in premarket at the time of publication.</p> 
<p>The share price slip comes after Elon Musk’s car manufacturer reduced prices of its Model Y long-range and performance models in China, per the company’s notice released on Aug. 14. Specifically, Tesla trimmed the starting prices of both versions by 14,000 yuan (around $1,900). The long-range Model Y base model is now 4.5% cheaper at 299,900 yuan, while Model Y Performance starts at 349,900 yuan, down 3.8%.</p> 
<p>In addition, Tesla said it would provide insurance subsidies in China of 8,000 yuan for those who opt for entry-level, real-wheel-drive versions of Model 3 cars. Customers can apply for subsidies between Aug. 14 and Sept. 30.</p> 
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<h3 id="tesla-s-china-made-vehicle-sales-fell-31-in-july">Tesla’s China-made Vehicle Sales Fell 31% in July</h3> 
<p>The move represents the latest <a href="https://tokenist.com/tesla-tumbles-3-in-premarket-after-sixth-price-cut-this-year/" rel="noopener noreferrer nofollow" class="deco-link">price cuts for Tesla</a> in the US and China in response to a global drop in demand for the world’s most popular electric cars. Furthermore, some price cuts aimed to make<a href="https://tokenist.com/tesla-up-2-9-premarket-as-more-vehicles-qualify-for-7500-tax-credit/" rel="noopener noreferrer nofollow" class="deco-link"> specific Tesla models eligible for federal tax credits</a> introduced in the Inflation Reduction Act (IRA).</p> 
<p>Sales of Tesla’s China-made cars plummeted 31% last month from June, official data from China Passenger Car Association (CPCA) revealed. This was the first month-on-month for Tesla’s cars produced in China since December. Tesla’s car sales in China <a aria-label="have been declining (opens in a new tab)" href="https://www.nytimes.com/2023/01/05/business/tesla-china-sales-electric-vehicles.html" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">have declined</a> since the end of 2022 as local EV makers such as BYD recovered ground with more favorable prices.&nbsp;In February 2023, however, the automaker’s sales in China <a href="https://tokenist.com/teslas-china-sales-increased-31-yoy-in-feb-shares-up-1-7-premarket/" rel="noopener noreferrer nofollow" class="deco-link">saw a 31% year-over-year increase</a>. </p> 
<p>Meanwhile, on a global level, Tesla’s vehicle deliveries in Q2 2023 <a aria-label="exceeded 466,100 units (opens in a new tab)" href="https://www.statista.com/statistics/502208/tesla-quarterly-vehicle-deliveries/" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">exceeded 466,100 units</a>, marking a quarter-over-quarter increase of around 10.23% and a new record-high for the brand.&nbsp;</p> 
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<p><em><strong>Do you think Tesla will recover some of the lost ground in China after new price cuts? Let us know in the comments below.&nbsp;</strong></em></p> 
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/tesla-drops-3-after-price-cuts-announced-in-china/">Tesla Drops 3% After Price Cuts Announced in China</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Tesla Drops 3% After Price Cuts Announced in China

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