Tesla cut electric car prices in China for the second time in less than three months on Friday, stoking expectations for a wider price war for battery-powered vehicles in the world's largest auto market where demand has weakened.
Model Y cars are pictured during the opening ceremony of the new Tesla Gigafactory for electric cars in Gruenheide, Germany, March 22, 2022. Patrick Pleul/Pool via REUTERScut electric car prices in China for the second time in less than three months on Friday, stoking expectations for a wider price war for battery-powered vehicles in the world's largest auto market where demand has weakened.
Grace Tao, Tesla's vice president in charge of external communications in China, posted on her Weibo social media account on Friday that Tesla's price cuts in China reflected engineering innovation and "answer the government's call to promote economic development and encourage consumption."The cuts came just days after Beijing ended a subsidy programme that helped build the world's largest EV market.
"We expect new EV production capacity in China to outpace new demand in 2023 and Tesla Shanghai's capacity utilisation could drop to about or even below 80% this year if its Berlin plant ramps up.", which has a much larger variety of offerings that comprise both plug-in and pure electric vehicles, saw its retail sales in China double in December while Tesla's fell 42%, according to data from CMBI.
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