Tesla announces price reduction for China-made Model Y

Shanghai (Gasgoo)- Tesla announced on Monday via its Sina Weibo account a new offering: a limited-time insurance subsidy of 8,000 yuan for the China-made Tesla Model 3. Additionally, starting from August 14, the starting price for the China-built Model Y Long Range version has been lowered from 313,900 yuan to 299,900 million yuan, and the Model Y Performance variant's price has been adjusted from 363,900 yuan to 349,900 yuan, representing a reduction of 14,000 yuan for both models.

Photo credit: Tesla

Tesla China's official website has already reflected the updated prices for the made-in-China Model Y. Notably, these price adjustments apply solely to the higher-end variants of the Model Y, while the starting price for the rear-wheel-drive version remains at 263,900 yuan.

The Model 3 currently boasts a delivery period of 1 to 4 weeks, whereas the Model Y's delivery period spans from 2 to 6 weeks.

Entering August, the new energy vehicle market has initiated another wave of price reduction. Unlike the earlier price battles this year, this round of price adjustments is led by both startups and legacy automakers.

For instance, on August 1, SAIC Volkswagen announced price reductions for nine SUV models under its portfolio, with the highest reduction reaching 60,000 yuan. This includes both conventional oil-fueled and new energy vehicles. On the same day, Leapmotor announced price adjustments of up to 20,000 yuan for certain variants of its C11 and C01 models. Chery New Energy also joined the spree on August 2, offering subsidies of up to 10,000 yuan for models such as the eQ1, the QQ Ice Cream, and the Wujie Pro. On August 4, ORA's Good Cat GT, Good Cat, and Lightning Cat models saw price reductions of up to 30,000 yuan. Subsequently, on August 11, the ZEEKR 001 underwent significant price cuts, with the YOU version equipped with a 100 kWh battery receiving a substantial 37,000 yuan reduction, bringing its starting price down to 349,000 yuan.

This recent price adjustment from Tesla wasn't entirely unexpected. Prior to this announcement, multiple variants of Tesla's Model 3 and Model Y experienced price cuts in Hong Kong on August 4, with certain models seeing reductions of as much as 11.9%, particularly among the higher-end trims.