(Reuters) – Tesla cut electric car prices in China and other Asian markets on Friday, part of efforts to stoke demand for output from its Shanghai plant, a person with direct knowledge of the plan said.
Following are details of the price cuts:
Tesla slashed prices for all versions of its Model 3 and Model Y cars in China by between 6% to 13.5%, according to Reuters calculations based on the prices shown on its website. The starting price for Model 3, for instance, was cut to 229,900 yuan ($33,427) from 265,900 yuan.
The latest cut in China, along with a price cut in October and incentives extended to Chinese buyers over the past three months, mean a 13% to 24% reduction in Tesla’s prices from September in its second-largest market after the United States, according to Reuters calculations.
Tesla cut the prices of Model 3 and Model Y cars by about 10% each in Japan, the first time it had done so since 2021. The price for the Model 3 rear wheel drive version is now 5.369 million yen ($40,091), down from 5.964 million yen.
Tesla’s price cuts in South Korea differed from model to model but ranged from about 6 million won to 10 million won ($4,725 to $7,875), a local Tesla sales official said.
The price of Tesla’s basic Model 3 rear-wheel drive vehicle was listed as 64.34 million won ($50,637) on the company’s website on Friday. Its Model Y Long Range sports utility vehicle was 84.999 million won.
($1 = 6.8775 Chinese yuan)
($1 = 133.9200 yen)
(Compiled by Anne Marie Roantree; Editing by Kim Coghill)