Tesla will reportedly lower prices on its lineup of vehicles in China before the end of the year, after already lowering prices last month and launching new promotions to help increase sales.
Back on October 23 Tesla lowered prices for both the Model 3 and Model Y in China by as much as ¥37,000.(~$7,000 CAD). The price cuts were enough to make the entry-level Model Y eligible for the country’s new energy vehicle (NEV) incentive, which is set to expire at the end of the year.
Tesla also offered a rebate of up to ¥8,000 (~$1,500 CAD) to customers who purchased a vehicle from existing inventory and took delivery before the end of the year, on the condition that they also purchase insurance from an approved provider.
In addition to the rebates, Tesla also relaunched their referral program, allowing owners to earn credits when someone purchases a new vehicle with their referral code. (Tesla relaunched a similar program in the US last night, but only for Solar Roof and Solar Panel purchases.)
According to a report by the Chinese publication Huxui, these efforts did not have their desired effect in increasing sales to a certain level and Tesla will once again lower vehicle prices.
The report cited unnamed sources and did not detail by how much Tesla plans to lower their prices, but did say they will be lowered before the end of the year.
It should be noted that Tesla has since responded to Sina Tech saying the report is false, although Tesla said the same about Huxui’s report in late September denying that they were planning on lowering prices, only to do just that a few weeks later.