Tesla (TSLA.O) has cut starter prices for its Model 3 and Model Y cars by as much as 9% in China, reversing a trend of increases across the industry amid signs of softening demand in the world’s largest auto market. The price cuts, published Monday in listings on the electric vehicle (EV) giant’s Chinese website, are Tesla’s first in China in 2022 and come after Tesla began offering insurance incentives to buyers last month.
The move to slash some prices by almost a tenth comes after Tesla CEO Elon Musk said last week that “some kind of recession” in China and Europe is weighing on demand for its electric cars.
