Effective immediately, the starting price of the Model 3 Standard Range version in China after subsidies has been reduced by 15,000 yuan ($2,323) to 235,900 yuan, Tesla announced Friday.
The price adjustment reflects the reality of cost fluctuations, the company said.
"Tesla adheres to the principle of open and transparent pricing and will continue to bring customers a better quality product and experience," the company said in a statement.
Interestingly, last week Tesla increased Model 3 and Model Y prices again in the United States.
The Model Y long-range version was adjusted to a starting price of $53,990 in the US, up $1,000 from the previous $52,990. The price of the Model Y performance version remained unchanged at $60,990.
The Model 3 Long Range price in the US was adjusted to $49,990, up $1,000 from the previous $48,990.
It is worth noting that on July 8, Tesla's official website in China officially launched the lower-priced Model Y standard range version, with deliveries expected to begin in August.
The starting price for this model is RMB 276,000 ($42,650) after subsidies, which is more than RMB 70,000 lower than the previous lowest-priced model at RMB 347,900. The previously lowest-priced Model Y was not eligible for China's state subsidy because it was priced above RMB 300,000.
This price adjustment makes the price difference between it and the Model 3 entry-level model in China very small.
Orders for the Model Y standard range version exceeded 10,000 units on the first day of launch and more than 5,000 units on the second day, lanjinger.com previously quoted a Tesla salesperson in Beijing as saying.
Tesla registered 28,508 insurance units in China in June, up 90.4 percent year-over-year, according to a report issued by Essence Securities on July 15.
Among them, Tesla Model 3 insurance registrations were 16,995 units and Model Y insurance registrations were 11,513 units.