Reuters
Tesla cuts prices in China for select Model Y versions
BEIJING (Reuters) -Tesla on Monday said it has cut prices in China for its Model Y long-range and performance versions starting on Aug. 14, sending its shares lower on concern of further pressure on its profit margins. The Model Y Long Range’s starting price drops 4.5% to 299,900 yuan and the starting price of the Model Y Performance is now 349,900 yuan, down 3.8%. In the same announcement, Tesla also said it would offer insurance subsidies in China of 8,000 yuan between Aug. 14 and Sept. 30 for buyers of the entry-level, rear-wheel-drive versions of the Model 3 vehicles in inventory.