Tesla cuts top-end Model Y prices in China

Tesla Inc. has cut the price of its two higher-end Model Y vehicles in China by RMB 14,000 ($1,900) in the latest salvo in a bruising price war, reports Bloomberg. The electric vehicle maker cut the price of its Model Y Long-Range and Performance to RMB 299,900 and RMB 349,900 respectively, the company announced on Weibo. The Model Y forms part of the stable of vehicles, together with the Model 3, which are the best-sellers for Elon Musk’s company.

The latest cuts come after Tesla last year triggered a price war in China that left rivals with little choice to follow suit. Prices of the Model Y Performance peaked at 417,900 and 394,900 for the Long-Range version. Tesla’s newest cut means a new all-time low prices for the higher-end Model Y’s sold in China.

An RMB 8,000 insurance subsidy handed out for purchase of Model 3 Rear-Wheel Drive vehicles was also extended until the end of next month.