Tesla quietly announced pricing changes for China earlier today. Tesla announced pricing for the high performance Plaid version of both the Model 3 and Model Y.
This is Tesla’s second pricing reduction for its lower priced models in three month. in late october, The automaker announced price cutsModel 3 and Model Y are up to 9% off
The Model 3’s price is now CNY229900 ($33,415). This is a decrease of CNY265,900 and a reduction in CNY36,000 ($5,240). The Model Y’s price is now CNY259900 ($37.775), a drop of CNY288,900 and a reduction in CNY29,000 ($4,220). The Model S Plaid will be 789,900 (114,809), while the Model X Plaid is 879,900 (127,890).
The company’s announcement of today came just days after it had made the announcement.Latest financial reportThe report shows lower-than-expected vehicle shipment figures worldwide. China Passenger Car Association (CPCA), which reported earlier today that shipments of Tesla vehicles dropped 44% to 55.796 in November, mainly because the automaker slashed prices and cut factory production amid lower demand, is a specific example.
The CPCA report showed that Tesla was outsold two times by its competitors: BYD, and SAICGM-Wuling Automobile Co. This is General Motors’ joint venture with China. BYD was able to take delivery of 234,598 vehicles, surpassing Tesla by more than four times.
The SAIC-GMWuling Automobile Co., a joint venture of General Motors in China that produces small-budget electric vehicles, outperformed Tesla by 53% according to the association.
Tesla has seen significant growth in China during the past year. According to the CPCA report, Tesla sold 50% more cars than it planned to produce in Shanghai at 2021 levels.
Tesla’s Shanghai factory temporarily stopped production in December. It is currently running with reduced production in Jan.
Tesla’s China division experienced a significant leadership change recently. Reuters reportedElon Musk, Tesla CEO, promoted Tom Zhu two days ago to lead US assembly plants and sales operations in North America. This makes him the second-highest-ranking CEO at Tesla, surpassed only by Elon Musk. Reuters notes that it is not clear if Zhou will continue his current titles and duties.
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