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Wednesday, February 28, 2024

Tesla Reduces Prices By Over 4.5% For Model S And Model X In China After Offering Cash Subsidies – Tesla (NASDAQ:TSLA)

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Elon Musk‘s Tesla Inc. TSLA has announced a price reduction of over 4.5% for its premium models in China, Bloomberg reports. This follows the company’s decision last month to offer cash subsidies to some buyers of its Model 3 vehicles.

Price Reduction Details

All variants of the Model S and Model X cars will see a price drop ranging from 35,000 yuan ($4,825) to 45,000 yuan. The starting price of the Model S will be reduced to 773,900 yuan, and the Model X to 988,900 yuan, according to Tesla’s local website.

See Also: Elon Musk Urges Tesla Shareholders To Tread Carefully Ahead Of Q2 Deliveries: ‘Be Wary Of…’

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Boosting Sales in China

The price cuts and the 8,000 yuan cash subsidy for its more popular models in China underscore Tesla’s commitment to enhancing sales in the world’s largest and most competitive electric vehicle market.

See AlsoTesla Nearly Sells Out Inventory In This Country As Monumental Q2 Looks More Inevitable

Expected Sales and Market Position

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Analysts surveyed by Bloomberg expect Tesla to report sales of around 448,350 cars in the second quarter, a 6% increase from the previous quarter. Despite delivering more than 1.3 million cars worldwide last year and maintaining dominance in the U.S. EV market, Tesla has been outpaced in China by BYD Co., which boasts a newer lineup and growing global ambitions.

Read Next: Why This Tesla Analyst Is Shooting For Below-Consensus Q2 Deliveries

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