Economy

Tesla lowers vehicle prices by 26% to woo buyers

Tesla lowers vehicle prices by 26% to woo buyers

Tensions worsened between the U.S. and China last weekend, after USA vice president Mike Pence vowed the country would not back down from its trade dispute with China.

Prices for the models were lowered by 12 percent to 26 percent, the company said in a statement Thursday.

The move comes amid rising trade tensions between China and the United States, which has seen extra tariffs slapped on USA imports into the country, including automobiles.

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With a lot of people still waiting for Tesla to bring in the base Tesla Model 3 that they promised, you would think that Tesla will be trying to work towards that first but it is not as Tesla announce that they will now start taking orders for the Tesla Model 3 in China. China has levied extra tariffs on USA imports, including automobiles, in a blow to Tesla, which imports all light vehicles it sells in the market.

Its cheapest auto, the Tesla Model 3, will be launched in China with a starting price of 540,000 yuan ($78,000).

The move marks a shift from July when Tesla was one of the first USA carmakers to raise prices in response to tariffs. The company had previously raised the prices of its two models by 20% in response to the 25% tariffs put in place by Beijing.

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Tesla Inc is slashing the prices of its models in China by up to a quarter in an effort to boost sales in the world's largest new energy vehicle market.

In July, Tesla Chief Executive Elon Musk sealed a deal with officials in Shanghai to open the company's first factory in China and it was able to secure the site for the production plant in October, which allowed it to avoid pricey import tariffs.

The mainland is expected to report a dip in sales for the whole of 2018, the first annual decline since 1992, analysts said.

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