Tesla slashes prices of Model 3, Model Y on Chinese mainland

Tesla on Monday announced that it will reduce the prices of its Model 3 and Model Y vehicles on the Chinese mainland.

According to a latest post by Tesla China's official Weibo account, the price of Tesla Model 3 and Model Y for sale on the mainland will be adjusted to a starting price of 265,900 yuan (US$36,677) for the former and 288,900 yuan for the latter, including China's new-energy vehicle subsidies.

However, it must be noted that this NEV subsidy policy will be wrapped up on December 31, 2022, which means the vehicles applying for plates after that will no longer enjoy preferential prices.

For various models and versions, Tesla China's official website shows that the price of Model 3 rear-wheel drive version was reduced from 279,900 yuan to 265,900 yuan and that of the performance version from 367,900 yuan to 349,900 yuan.

The price of the Model Y rear-wheel drive version, meanwhile, was lowered from 316,900 yuan to 288,900 yuan, while the long-range version saw its price reduced to 357,900 yuan and the high-performance version is now available for 397,900 yuan.

The United States automaker last Wednesday released its financial results for the third quarter of 2022, posting 56 percent year on year growth in total revenue in the quarter to US$21.5 billion, with operating income improving to US$3.7 billion.

It produced more than 365,000 vehicles, delivering over 343,000 vehicles globally in the quarter.

Tesla highlighted the role of its Gigafactory Shanghai, saying it has maintained its position as the carmaker's major export hub. The production at the Shanghai plant hit a record high in the third quarter, with cumulative deliveries from January to September topping 483,074 vehicles.