Tesla cut prices in China for its Model Y long-range and performance versions. The electric car company reduced the starting prices of both models by $1,934
on Monday said it has cut prices in China for its Model Y long-range and performance versions starting on Aug. 14, sending its shares lower on concern of further pressure on its profit margins.
The move came after sales of Tesla's China-made vehicles fell 31% in July from June, their first month-on-month decline since December, as the automaker idled some production to prepare for a revamped Model 3 launch. In contrast, China's BYDTesla reduced the starting prices of both models by 14,000 yuan . The Model Y Long Range's starting price drops 4.5% to 299,900 yuan, and the starting price of the Model Y Performance is now 349,900 yuan, down 3.8%.
Evercore ISI analyst Chris McNally said in a research note that he expects similar select price cuts in the U.S. and Europe, and that could lead to about 100 basis points of sequential pressure on Tesla's third-quarter margins. made along with several other companies in China to avoid "abnormal pricing", which some thought signalled a truce in the price wars that have threatened the profitability of the industry.were a possibility, even after they squeezed the automaker's margins.
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