What is the cheapest way to buy a Tesla? Buy it in China. Some models are now half the price in China compared with Europe and the US. The US electric-car maker is leading a cut-throat price war among EV makers in China. It is upending the world’s largest car market.
Tesla launched another round of price cuts on Monday. High-end, long-range versions of the Model Y sport utility vehicle dropped by Rmb14,000 to as low as Rmb299,900 ($41,300). Other models are even cheaper when an extended insurance subsidy is accounted for.
Tesla has slashed prices several times in China. The most recent round was last month. The difference this time has been a significant sell-off in local automaker stocks. Shares in China’s biggest EV maker BYD have dropped more than 5 per cent. Smaller peer Leapmotor Technologies is down 6 per cent.