Facing rapidly dwindling sales figures in China, Tesla CEO Elon Musk slashed prices on his Shanghai-built cars to narrow the gap with local industry leader BYD, putting his stock under renewed duress.
On Thursday, the U.S. carmaker lowered the entry point for his single-motor Model 3 sedan by a good 13% to 229,900 yuan, or roughly $33,500. Its equivalent sibling, the roomier Model Y crossover, now retails from 259,900 yuan, or nearly $37,900—a full tenth less than what it previously cost.
