Tesla cuts China Model Y prices

Tesla lowers prices on its Model Y long-range and performance versions in China. The move comes after sales of China-made Tesla vehicles fell 31%, and it is followed by a 2.7% drop in Tesla shares. Tesla reduced the starting prices of both models by 14,000 yuan ($1,935). The Model Y Long Range’s starting price is down 4.5% to 299,900 yuan, and that of the Model Y Performance is down 3.8% (349,900 yuan). Between August 14 and September 30, Tesla is also offering insurance subsidies in China of 8,000 yuan for buyers of the entry-level, rear-wheel-drive versions of the Model 3.