Tesla has nearly doubled the discounts for the Model S and Model X in China from what it was previously offering, after it began a promotion for both models on July 1.
(Image from Tesla Weibo)
Tesla (NASDAQ: TSLA) has ramped up its discounts for Chinese customers buying the Model S and Model X, after starting a promotion last month for both models that aren't built in China.
Chinese customers who buy the Model S and Model X that have already been produced can now get a discount of between RMB 54,000 (7,400 no) and RMB 70,000 ($9,600), the US electric vehicle (EV) maker announced today.
Specifically, the dual-motor, all-wheel-drive Model S with a starting price of RMB 808,900 offers a discount of RMB 54,000, or 6.68 percent, bringing the starting price down to RMB 754,900.
The tri-motor, all-wheel-drive Model S Plaid with a starting price of RMB 1,028,900 is offering a discount of RMB 70,000, or 6.8 percent, bringing the starting price to RMB 958,900.
The dual-motor, all-wheel-drive Model X with a starting price of RMB 898,900 is offering a discount of RMB 62,000, or 6.9 percent, bringing the starting price down to RMB 836,900.
The tri-motor, all-wheel-drive Model X Plaid with a starting price of RMB 1,058,900 offers a discount of RMB 69,000, or 6.52 percent, bringing the starting price to RMB 989,900.
Notably, Tesla China's website shows unchanged prices for all versions of the Model S and Model X. The company raised the prices of the Model S and Model X lineup by RMB 19,000 on May 5 in China.
Tesla has a factory in Shanghai that currently produces only the cheaper Model 3 and Model Y. Earlier this year, the new Model S and Model X were imported into China.
On July 1, Tesla announced it was offering RMB 35,000 to RMB 45,000 discounts in China for Model S and Model X already produced.
The EV maker's move today means it's nearly doubling the discounts it's offering on Model S and Model X vehicles compared with last month.
In addition to the cash discounts, Tesla is also encouraging owners to refer friends to buy the two models, and reissued the same policy today as it did last month.
If a customer buys a Model S and Model X on the recommendation of someone else, they'll receive an additional RMB 7,000 in incentives, three or six years of free supercharging benefits, and 90 days of free Enhanced Autopilot (EAP) usage benefits. The referrer will receive 48,000 bonus points, which can be used to redeem supercharging miles.
Just two days ago, on August 14, Tesla cut the prices of two pricier versions of the Model Y in China both by RMB 14,000 and began offering RMB 8,000 insurance subsidies for Model 3 entry-level vehicles in stock.
Tesla sold 64,285 China-made vehicles in July, including those exported as well as those delivered in China, the lowest of the year, according to data released earlier this month by the China Passenger Car Association (CPCA).
Tesla delivered 31,423 vehicles in China in July, and the Shanghai factory exported 32,862, according to the CPCA.
($1 = RMB 7.2949)