(Bloomberg) -- Tesla Inc. cut prices for all vehicles shipped to China to help boost sales in its second-largest market.
The starting price of the imported Model 3 sedan was lowered to 355,900 yuan ($51,764) from 377,000 yuan, according to a list provided by a Tesla representative on Tuesday. Prices of the Model S and Model X were cut about 4% to 776,900 yuan and 790,900 yuan, respectively. The changes won’t affect prices of Model 3s that will be produced in Shanghai, according to the representative.
Tesla is adjusting prices “in order to continue to improve affordability for customers,” the Chinese unit said in a statement. “We are standardizing our global vehicle lineup and streamlining the number of trim packages offered for Model S, Model X and Model 3.”
The shares fell 1.5% to $249.75 at 7:17 a.m. in New York before regular trading.
Reuters reported Tesla dropped the standard-range variants of its Model X and Model S from its product lineup and adjusted prices across its range in the U.S. The Tesla representative could neither confirm nor deny U.S. figures immediately.
(Updates with stock price in fourth paragraph.)
To contact Bloomberg News staff for this story: Yan Zhang in Beijing at yzhang1044@bloomberg.net
To contact the editors responsible for this story: Young-Sam Cho at ycho2@bloomberg.net, Sam Nagarajan
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