Tesla (TSLA) has cut the price of its Model 3 rear-wheel drive sedan in China by 3.7%, bringing the starting price down to 259,500 yuan (about US$36,279), according to an update on its website Monday.
The move comes just a month after the U.S. EV maker rolled out the new variant of the Model 3 in China, which it has billed as its longest-range version of the popular sedan.
The price adjustment underscores Tesla’s ongoing strategy to stay competitive in the world’s largest electric vehicle market, where it faces intensifying competition from local players and a broader slowdown in demand growth.
