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Tesla Cuts Prices in China
Tesla Inc. is lowering the price of its electric Model S sedans and Model X crossovers in China to help offset the country’s tariff on vehicles from the U.S.
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Tesla Inc. is lowering the price of its electric Model S sedans and Model X crossovers in China to help offset the country’s tariff on vehicles from the U.S.
In July Tesla raised priced on both models by about 20% when China hiked its tariff on cars imported from the U.S. to 25% from 15%. Tesla says its new price reductions will lower those prices by 12%-26%.
Last month the company was given permission to acquire land to build a wholly owned assembly plant in Shanghai. The $2 billion facility is expected to open in about 2020 and with annual capacity to make a combined 250,000 of the company’s new Model 3 sedan and upcoming Model Y small crossover vehicle.
The factory isn’t expected to open until about 2020. But Reuters reported last weekend that Tesla hopes to be able to begin local assembly much sooner of as many as 3,000 Model 3s per week.
Tesla began accepting 8,000-yen ($1,200) deposits this week for the Model 3. CEO Elon Musk predicts deliveries will begin in April.
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