Tesla has cut prices in China for the second time in less than three months, fuelling forecasts of a wider price war as demand weakens in the world’s largest car market. The US automaker also cut prices on its best-selling Model Y and Model 3 electric vehicles in Japan, South Korea and Australia in what a person with direct knowledge of the plan said was part of an effort to help stoke demand for output from its Shanghai factory, its single largest production hub.
“Tesla needs to further cut prices and expand its sales network in China’s lower-tier cities amid ageing models,” CMBI analyst Shi Ji said.
Sun Shaojun, a popular Chinese car blogger, said on Weibo that Tesla’s price cuts were so large that other automakers, including larger rival BYD would have to respond. BYD recently raised the prices of its best-selling models after the government subsidies ended.
Tesla has cut prices in China for the second time in less than...
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