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Tesla Inc (NASDAQ:TSLA) shares are trading lower Monday morning after the Elon Musk-led company cut the prices of two of its vehicle models in China.
Tesla has lowered the starting prices for its Model 3 and Model Y vehicles in China. The Model 3 sedan was reduced to 265,900 yuan ($36,612) from 279,900 yuan. The Model Y SUV now costs 288,900 yuan ($39,779), which is down from the previous price of 316,900 yuan.
Tesla raised vehicle prices in China, as well as in the U.S., earlier this year due to rising material costs, but this is Tesla's first price cut in China this year.
Related Link: Tesla Slashes China EV Prices By 5% To Push Up Volume, Base Model Y Now Eligible For Subsidies — But There's A Flip Side
The price cuts come shortly after Musk said he was seeing elements of a potential recession in China.
"China is experiencing a recession of sorts," Musk said during the company's earnings call last week.
Tesla has faced disruptions in China twice this year. A COVID-19 resurgence caused a production halt in April. The company's China factory was also shut down for upgrades in July. China vehicle sales rebounded in August and September.
Related Link: Elon Musk Says US In 'Pretty Good Health' But China, Europe Experiencing Recession 'Of Sorts'
TSLA Price Action: Tesla has a 52-week high of $402.66 and a 52-week low of $202.
The stock was down 2.9% at $208.23 at time of publication, according to Benzinga Pro.
Photo: courtesy of Tesla.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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