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