(Boursier.com) — You’re here lost another 4.7% before trading on Wall Street, to a two-year low on $105. The price cuts of Elon Musk’s group are increasingly worrying operators. The Texas electric car giant, which lost two-thirds of its value on Wall Street last year, is reportedly cutting prices for Model 3s and Model Ys in China, according to Reuters. Citing the company’s Chinese website, Reuters reports that Tesla has cut its starting price for the Model 3 to 229,900 yuan (about $33,400) from 265,900 yuan, and lowered it for the Model Y to 259. 900 yuan versus 288,900 yuan. Tesla cut prices for its cars in China for the second time in less than three months, amid darkening demand prospects in the world’s biggest auto market. The latest reduction, along with October price cuts and various incentives of up to 10,000 yuan given to Chinese buyers over the past three months, represents a cumulative reduction of 13% to 24% in Tesla’s prices since September. according to Reuters.
You’re here would also lower its prices in Japan and South Korea. In Japan, Tesla has reportedly cut Model 3 and Y prices by around 10%, the first drop since 2021. The price of the rear-wheel-drive Model 3 version is now 5.369 million yen (about $40,000), down from yen previously according to Reuters.
In South Korea, price cuts differed by model, ranging from around 6 million won to 10 million won ($4,700 to $7,900) according to Reuters, citing a local Tesla sales manager. . The price of Tesla’s base Model 3 rear-wheel-drive vehicle is now 64.34 million won (about $50,600) on the company’s website. Its Model Y Long Range is offered at 84.999 million won ($66,800).
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