Due to the price cut, Tesla’s Model 3 and Model Y are now about a quarter cheaper than the price the Chinese had to pay them a few months ago. Compared to Tesla’s US home market consumers, the Chinese are now almost half cheaper. “It may be normal business practice, but this is not the behavior a responsible company should act with,” a Tesla owner who protested Saturday at the company’s delivery center in a suburb of Shanghai complained.
Many of the demonstrators bought their Tesla just before the end of the year to take advantage of a subsidy scheme that expired at the end of 2022. They noted that they did not expect Tesla to cut its prices as sharply as the group has now. But a company spokesperson told the Reuters news agency that Tesla has no plans to compensate them now.
Tesla also cut prices in China last year to boost sales of its cars. Since 2019, the Model 3 and Model Y have also been produced in Shanghai. Tesla shipped more than 700,000 vehicles from this plant last year, which is 54 percent of Tesla’s global sales.
Tesla shares closed up six percent on the US stock market last night. There is optimism about the reopening of the Chinese economy. After announcing a price drop, Tesla stock was also in the green.
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