Tesla Cuts China Prices Again, Triggering Slump in Auto Stocks

Bloomberg2023-08-14

Long-Range, Performance model prices reduced by around $1,900BYD, Li Auto, Xpeng sink on concern price war to resparkTesla Inc. rolled out a new round of price cuts in China, sending auto stocks ...

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逆势投资
2023-08-14
逆势投资
Short Tesla
FGP
2023-08-14
FGP
Desperate.... very desperate

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An 8,000 yuan insurance subsidy on newly purchased Model 3 rear-wheel drive vehicles was also extended until the end of next month.The cuts follow the likes of Geely Automobile Holdings Ltd.’s Zeekr brand, which lowered pricesas much as 37,000 yuan last week. Zhejiang Leapmotor Technologies Ltd. cut by as much as 20,000 yuan at the start of the month. Tesla triggered the price war with an initial round of cuts last year before further discounts in January that left Tesla’s locally made cars as much as 14% cheaper than last year, and in some cases almost 50% less expensive than in the US and Europe.China’s best-selling auto brand BYD Co. sank 7.86% in Hong Kong trading. 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