Extended-range Model 3 and six-seat Model Y – both bids to arrest a slide in market share – are expected to debut this month
The company is also offering mainland buyers of the car, and some other Tesla models, a subsidy of 8,000 yuan for buying insurance, plus a five-year interest-free loan that amounts to 20,000 yuan in savings.
“The price reduction is a surprise move by Tesla to attract more middle-income consumers,” said Phate Zhang, founder of Shanghai-based industry data provider CnEVPost. “After all, it is facing mounting challenges from its local rivals, whose vehicles are much cheaper.”
Tesla has long stated that it adjusts the prices of its locally built vehicles regularly based on production costs.
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