Tesla rolled out price cuts of its China models this week, accelerating a price war in the world’s largest EV market that is threatening to drive out weaker carmakers. Tesla China slashed prices for all versions of its premium Model S and Model X by up to 6.9 per cent on Wednesday, with the starting prices reduced to Rmb754,900 ($103,467) and Rmb836,900, respectively. The price cuts followed markdowns of other models earlier in the week.
The move comes despite Tesla and 15 of its Chinese rivals signing a letter of commitment in July to compete fairly in the country’s car market and avoid “abnormal pricing”. However, the industry body retracted the commitment two days later, citing a violation of anti-monopoly laws.
周三，特斯拉中国(Tesla China)将其高端Model S和Model X所有版本的价格最高下调6.9%，使两款车的起价分别降至75.49万元人民币（合10.3467万美元）和83.69万元人民币。此次降价之前，该公司在本周早些时候还对其他车型进行了降价。
China’s auto industry has been hit by slow economic growth and weak demand as officials struggle to boost confidence following years of harsh pandemic restrictions. Passenger vehicle sales declined for a second month in July, down 2.6 per cent from last year, data from the China Passenger Car Association showed.