Tesla It cut prices in China for the second time in less than three months on Friday, stoking forecasts of a broader price war amid weaker demand in the world’s biggest car market.
The US automaker also cut prices on its best-selling Model Y and Model 3 electric vehicles in Japan, South Korea and Australia, in what a person with direct knowledge of the plan said was part of an effort to help stoke production. from its Shanghai factory, the company’s largest.
The change is Tesla’s first major move since the appointment of its top China and Asia executive, Tom Zhu, to oversee global production and deliveries that have been at the center of recent challenges for the company, which fell short of its 2022 target.
Automakers have long relied on incentives to control inventory, but until late last year, Tesla had been able to hold prices steady or even raise them due to strong demand.
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