By Bingyan Wang
Tesla has again cut prices for its Model S and Model X cars in China, two weeks after having lowered the premium vehicles’ pricetags in a bid to boost sales in the world’s biggest electric-vehicle market.
The EV maker said Friday that it lowered the starting price of the Model S to 698,900 yuan ($96,289) from CNY754,900, according to a post on its official account on Chinese microblogging site Weibo. It cut the price of the Model X to CNY738,000 from CNY836,900.
Tesla had previously slashed prices for the Model S and Model X in mid-August. The two higher-end models aren’t produced in China. Tesla owns a factory in Shanghai which only produces the cheaper Model 3 and Model Y.
Tesla’s Chinese competitors, Leapmotor and SAIC Volkswagen, also lowered prices in August in a bid to boost sales amid an intensifying competition.
Write to Bingyan Wang at bingyan.wang@wsj.com
This article was originally published by Marketwatch.com. Read the original article here.
