Tesla rolled out another round of price cuts in the mainland, offering up to 6 percent discounts just two weeks after trying to entice buyers with zero-interest loans.
Prices fell to 231,900 yuan (HK$250,846) from 245,900 yuan for the revamped Model 3 and to 249,900 yuan from 263,900 yuan for the Model Y.
The Elon Musk-led firm also dropped US prices on two versions of the Model Y by US$2,000 (HK$15,600) and bit the bullet on the Model Y, trimming its starting price to US$42,990, a historic low.
The price cuts in Tesla’s two key markets for its electric vehicles followed disappointing first-quarter sales and swelling inventories.
The automaker reported its first year-on-year sales drop since the early days of the pandemic, delivering 386,810 vehicles, well short of analysts’ estimates. Its stock is down more than 40 percent this year on concern about slumping sales, intensifying competition in China and Musk’s risky plan to go “balls to the wall” on autonomy.
Tesla’s price cuts came as Chinese EV maker XPeng (9868) offers four models with purchase subsidies amounting to 500 million yuan, effective until May 5.
According to data published by the Hong Kong bourse, XPeng delivered 21,821 EVs in the first quarter, up by 20 percent versus a year ago.
Hong Kong United Times丨香港聯合時報丨HKUT 