Tesla (TSLA) is again cutting the prices on its electric vehicle sold in China.
The U.S. automaker has announced that it its lowering prices in China for its Model Y long-range and performance version vehicles.
Specifically, Tesla has dropped the starting prices of both models by 14,000 yuan ($1,934.58 U.S.).
The Model Y Long Range's starting price has declined by 4.5% to 299,900 yuan and the starting price of the Model Y Performance has been lowered to 349,900 yuan, down 3.8%.
Tesla Chief Executive Officer (CEO) Elon Musk had previously said that further price cuts were a possibility in China, even if it negatively impacts the company’s profit margins.
Tesla has slashed prices several times in the U.S., China, and other markets such as Canada since late last year as it tries to reduce its surplus inventory.
Sales of Tesla's China-made vehicles fell 31% in July from June, data from the China Passenger Car Association (CPCA) showed earlier this month, marking its first monthly decline since December 2022.
Tesla’s stock has declined 22% over the past 12 months to trade at $242.65 U.S. per share.
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