Tesla Lowers Prices for Model S Cars in China

   By Martin Mou 
 

Tesla Inc. has lowered prices for its Model S cars in China following a price cut on another car model earlier this month.

After a deduction of 23,000 yuan ($3,409), the long-range version and the performance version of Model S now sell for CNY733,900 and CNY833,900, respectively, according to Tesla's China website.

A representative from Tesla China declined to comment on the price cut.

Earlier this month, the American car maker cut prices for the cheapest version of its Model 3 by 8% to $37,000 after subsidies. Prices for some longer-range models, which aren't eligible for subsidies, were cut by a deeper 15%.

Tesla's price cuts come as China's electric-vehicle market is gathering steam again. Sales of new-energy vehicles, including electric cars made by Tesla, jumped 68% last month, the highest sales volume ever for September, the China Association of Automobile Manufacturers said Tuesday.

Competition in China's EV market is also set to intensify as Tesla's Chinese rivals beef up their war chest to expand capacity. NYSE-listed XPeng Inc. last month secured $586.2 million in financing to fund business expansion, including the construction of a new manufacturing base.

Write to Martin Mou at [e-mail]

(END) Dow Jones Newswires

October 13, 2020 04:41 ET (08:41 GMT)

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