Tesla Slashes Prices on EVs in China Again Amid Slowing Market Growth
• Tesla cut prices on Model 3 and Model Y vehicles in China by 5.9% and 2.8% respectively as growth in China's EV market slows • Price cuts put pressure on rivals to lower prices too after Tesla sparked industry-wide discounting in January • China's EV market projected to grow 25% this year - slower than 36% in 2023 and 96% in 2022 as economy weighs on consumer sentiment • Tesla relied on Model 3 and Y for over half of 1.81 million global deliveries in 2023, but lost top EV seller title to China's BYD • Steep discounting by automakers peaked in May 2022 but remains higher than previous years as companies compete for sales