Tesla Refutes Rumored Price Cuts in Chinese Mainland Market

On April 19, Tesla’s US official website showed that multiple models, including Model 3 and Model Y, had lowered their prices again by around 4.7% to 6%. At the same time, a Chinese tech blogger named “@Keji Gangzi” posted that informed sources revealed that Tesla’s Model 3 and Model Y in the Chinese mainland market will see a price reduction this Saturday.

The blogger wrote, “The highest discount for the Model 3 in China will be up to 43,000 yuan ($6,240), while the entire series of Model Y has been reduced by 46,000 yuan. It would be a huge blow to Chinese new energy vehicle companies.” Once this news was released, it caused quite a stir. Regarding this, Tesla denied it as false information.

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Since this April, Tesla has started another round of price reductions globally with markets such as Denmark, Singapore, Germany, Hong Kong, and the US announcing discounts mainly on its Model 3 and Model Y.

On April 14 evening, Grace Tao, Vice President of Tesla, posted a comparison chart showing global starting prices for Models 3/Y on her personal social media account, which may have been responding to whether or not their price in the Chinese mainland would follow suit with these latest price cuts. According to the comparison chart, the selling prices of both Models 3/Y are currently at their lowest in China among all other markets.

Besides, in early January of this year, Tesla made significant adjustments to pricing for both its Models 3/Y in the Chinese market. The decrease ranged from 20,000 – 48,000 yuan with the starting price for Model 3 dropping down to 229,900 yuan and the basic version of Model Y seeing an impressive drop of up to 20%.

In Q1 this year, Tesla delivered a total of 422,900 new cars globally, an increase of 4% compared to the previous quarter and a year-on-year increase of 36%, setting a new record for its single-quarter deliveries.