Tesla Cuts Prices in China Again. The EV Giant Puts Pressure on Its Competition. -- Barrons.com

Dow Jones2023-08-16

By Adam Clark

Tesla has cut prices in China for the second time in less than a week. The electric-vehicle maker looks intent on pressuring its competition in the world's largest car market.

Tesla (ticker: TSLA) has reduced the price of its Model S luxury sedan in China to 754,900 yuan ($103,463) from 808,900 yuan, according to its official Weibo account. It also cut the price of its Model X SUV to 836,900 yuan ($114,702) from 898,900 yuan.

The move extends price cuts across Tesla's range in China after it implemented insurance subsidies and price reductions for its lower-end Model 3 and Model Y vehicles over the weekend.

It's not just in China that Tesla is competing on price. On Tuesday, Tesla launched cheaper versions of the Model S and Model X for order on its website in the U.S., at price points $10,000 below the standard versions but with limited range.

Tesla shares were down 1.6% in premarket trading on Wednesday, having closed down 2.8% on Tuesday. U.S.-listed shares of Chinese EV makers also traded lower. NIO ( NIO) fell 3.7%, XPeng $(XPEV)$ declined 2.6%, and Li Auto $(LI)$ was down 1.9%.

Write to Adam Clark at adam.clark@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

August 16, 2023 06:09 ET (10:09 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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Comments

BlessedCyrus
2023-08-16
BlessedCyrus
Should just kick Tesla out of China for creating havoc in the EV industry.

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The EV Giant Puts Pressure on Its Competition. -- Barrons.com\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-08-16 18:09 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://dowjonesnews.com/newdjn/logon.aspx?AL=N><strong>Dow Jones</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>By Adam Clark \n\n\n  Tesla has cut prices in China for the second time in less than a week. The electric-vehicle maker looks intent on pressuring its competition in the world's largest car market. \n\n\n  ...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"EVS.SI","symbol_name":"MSCI China Electric Vehicles and Future Mobility ETF-NikkoAM","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2359802861","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2359802861","pubTimestamp":1692180540,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Tesla has cut prices in China for the second time in less than a week. 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The electric-vehicle maker looks intent on pressuring its competition in the world's largest car market. \n\n\n     Tesla (ticker: TSLA) has reduced the price of its Model S luxury sedan in China to 754,900 yuan ($103,463) from 808,900 yuan, according to its official Weibo account. It also cut the price of its Model X SUV to 836,900 yuan ($114,702) from 898,900 yuan. \n\n\n     The move extends price cuts across Tesla's range in China after it implemented insurance subsidies and price reductions for its lower-end Model 3 and Model Y vehicles over the weekend. \n\n\n     It's not just in China that Tesla is competing on price. On Tuesday, Tesla launched cheaper versions of the Model S and Model X for order on its website in the U.S., at price points $10,000 below the standard versions but with limited range. \n\n\n     Tesla shares were down 1.6% in premarket trading on Wednesday, having closed down 2.8% on Tuesday. U.S.-listed shares of Chinese EV makers also traded lower. NIO ( NIO) fell 3.7%, XPeng $(XPEV)$ declined 2.6%, and Li Auto $(LI)$ was down 1.9%. \n\n\n     Write to Adam Clark at adam.clark@barrons.com \n\n\n     This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal. \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  August 16, 2023 06:09 ET (10:09 GMT)\n\n\n  Copyright (c) 2023 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":209624129015912,"gmtCreate":1692186432582,"gmtModify":1692186438499,"author":{"id":"3570768873457401","authorId":"3570768873457401","name":"BlessedCyrus","avatar":"https://static.tigerbbs.com/eb301da67b54f9fd5d2fd2626595aada","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3570768873457401","authorIdStr":"3570768873457401"},"htmlText":"Should just kick Tesla&nbsp;out of China for creating havoc in the EV industry.&nbsp;","listText":"Should just kick Tesla&nbsp;out of China for creating havoc in the EV industry.&nbsp;","text":"Should just kick Tesla out of China for creating havoc in the EV industry.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/209624129015912","repostId":2359802861,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":0,"commentSize":1,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2359802861"}