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Tesla cuts Model S and X prices by over 6% in China – Reuters

BEIJING, Aug 16 (Reuters) – Tesla (TSLA.O) has cut prices for its existing inventories of its premium Model S and Model X cars in China by as much as 6.9%, it said on Wednesday.
A post from the carmaker on social media platform Weibo showed the price of the Model S cut 6.7% to 754,900 yuan ($103,477.58) from 808,900 yuan earlier.
The Model X now starts from 836,900 yuan, down 6.9% from 898,900 yuan earlier.
People wearing face masks following the coronavirus disease (COVID-19) outbreak check a Tesla Model X sport utility vehicle at a new Tesla showroom in Shanghai, China May 8, 2020. REUTERS/Yilei Sun/File Photo Acquire Licensing Rights
Tesla on Monday said it cut prices in China for its Model Y's long-range and performance versions starting on Aug. 14, which triggered concerns around its profit margins.
The moves come after sales of Tesla's China-made vehicles fell 31% in July from June, their first month-on-month decline since December, as the automaker idled some production to prepare for a revamped Model 3 launch.
In contrast, China's BYD (002594.SZ) increased sales from June.
($1 = 7.2953 Chinese yuan renminbi)
Reporting by Beijing newsroom; Writing by Liz Lee; Editing by Himani Sarkar and Varun H K
Our Standards: The Thomson Reuters Trust Principles.
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