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US electric vehicle maker Tesla has cut prices for its existing inventories of its premium Model S and Model X cars in China by as much as 6.9%, it said on Wednesday.
A post from the carmaker on social media platform Weibo showed the price of the Model S cut 6.7% to 754,900 yuan ($103,477.58) from 808,900 yuan earlier.
The Model X now starts from 836,900 yuan, down 6.9% from 898,900 yuan earlier.
The latest cut came after Tesla on Monday said it cut prices in China for its Model Y’s long-range and performance versions starting on Aug. 14, which triggered concerns around its profit margins.
Sales of Tesla’s China-made vehicles fell 31% in July from the previous month, their first month-on-month drop since December, as the automaker idled some production to prepare for a revamped Model 3 launch.
China’s auto market is seeing a new round of prices since August, with more than ten automakers having announced price reduction and other incentives to boost car sales so far this month. Read more …