Tesla Inc. shares extended their slump after the carmaker made another round of price cuts in China. Find out more.
Play Video The starting price for Tesla’s locally built Model Y sport utility vehicle has dropped 10 per cent to a new low of 259,900 yuan , according to the company’s China website. That standard-range, rear-wheel-drive version costs 43 per cent less than the base Model Y available in the United States, which has a longer range and is all-wheel-drive.
Tesla also lowered the price of the Model 3 by 14 per cent to 229,900 yuan, about 30 per cent cheaper than in the U.S.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300A welcome email is on its way. If you don't see it, please check your junk folder.We encountered an issue signing you up. Please try againTesla already cut prices in October, as China’s mass market and premium EV segments becomes increasingly crowded by the likes of domestic players BYD Co., Xpeng Inc. and Nio Inc., as well as international stalwarts Porsche AG and Mercedes Benz Group AG.Article content “This time it’s serious,” Chris McNally, an Evercore ISI analyst with the equivalent of a hold rating on Tesla, said in a note. The new entry price for the Model 3 is likely to combat BYD’s recently introduced and popular Seal model, he wrote. Tesla shares fell 3.5 per cent as of 9:55 a.m. New York time Friday. Signs of deteriorating prospects for Tesla in China and chief executive Elon Musk’s preoccupation with Twitter Inc. contributed to the carmaker’s stock plunging 37 per cent in December and 65 per cent in 2022, its worst monthly and yearly performances. Tesla isn’t alone in making dramatic cuts in China — Mercedes heavily discounted several EQ models in November. Still, local manufacturers now command the lion’s share of the country’s massive plug-in vehicle market, with Berkshire Hathaway Inc.-backed BYD raising prices and registering record sales.Article content Tesla is newly introducing the Model S in China and pricing the sedan at 789,900 yuan. The Plaid version — Tesla’s quickest car, taking 2.1 seconds to go from zero to 100 kilometers per hour — will be sold from 1.01 million yuan. The Model X SUV is priced from 879,900 yuan, and the Model X Plaid starts at 1.04 million yuan. Deliveries will begin in the second quarter.
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