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Tesla has lowered the price of its Chinese products by nearly $2,000 to address declining sales and EV price wars. The starting price of Model 3 has been reduced to RMB 231,900, and Model Y, Model X and Model S have also been reduced. The move follows a $2,000 price cut in the U.S. market.
But even so, global deliveries fell in the first quarter, likely as high interest rates dampened consumer interest and as Chinese rivals launched cheaper models. Musk postponed his trip to India as a result.
(Source: Reuters Image source: Unsplash)
