Tesla Inc. (NASDAQ:TSLA) has announced a price cut for the long-range version of the Model 3 sedan in China amid lackluster global sales.
Tesla Model 3 LR Now Cheaper
The Model 3 Long Range is now available in China for RMB 259,500, or approximately $36,391, down from its original price of RMB 269,500, or $37,793, as shown on the official Tesla website on Sunday.
The discount illustrates a 3.7% reduction in the price of the Model 3 Long Range. It's also worth noting that Tesla offers Supervised FSD, or Full Self-Driving, with the vehicle for an additional RMB 64,000.
Source: Tesla China
Tesla's Lackluster Sales In China, Overseas
The price cut comes as Tesla's sales have plummeted in multiple markets this year. Most recently, the company recorded a 27% YoY drop in sales in the Chinese market.
Tesla's total sales in the European market also dropped steeply, recording a 40.2% decline in sales, registering 8,837 units in July. In contrast, Tesla's Chinese rival BYD Co. Ltd. (OTC:BYDDY) (OTC:BYDDF) recorded a 225% sales surge in the region during the same period.
Tesla's Other Offers, Cybertruck's Surprise Hike
Meanwhile, Tesla has also announced discounts on its lineup outside of China. The company is offering over 40% discounts to its leasing partners in the UK, which could translate to lower monthly payments for customers. Tesla is also offering $0 down leases on its used EVs in the U.S.
However, in a surprising move, the company has hiked the price of the range-topping Cyberbeast trim of the Cybertruck by $15,000. It now retails for $114,990 in the U.S., offering free FSD and unlimited access to Tesla's Supercharger network.
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