Texa States Fries in this After Ixlbears Simp . WAX The EV giant's move comes after it made several price cuts late last year and offered other Chinese consumers also have many models to choose from as domestic brands launch new short-term discounts to lure buyers. Those failed to juice Tesla's performance with deliveries EVs much more frequently than Tesla does, he said of China-made cars-which include sales in the country and exports-falling by almost halfin December from November, to 55,800, according to data released Thursday by the China The company is facing a squeeze from lower-cost EVs from brands such as BYD and state- Passenger Car Association. owned Chongqing Changan Automobile Co., and from higher-end brands such as Zhejiang Geely Holding Group's ZEEKR, or startups NIO Inc. and Xpeng Inc. The U.S. company delivered more than 710,000 China-made EVs in 2022, up 50% from a year earlier, accounting for more than half of its global total. But its share of the world's biggest EV BYD was among Chinese and foreign EV brands that raised prices as state subsidies came to market has been ebbing in the face of greater Chinese competition. Chinese rival BYD Co., an end Dec. 31. BYT), which has seen soaring sales of its all-electric and plug-in vehicles, said whose cars are generally cheaper, delivered around 911,000 fully electric vehicles last year, last week that prices would increase from $300 to almost $900 for a vehicle starting this year. almost three times that of 2021. The company's deliveries in December dropped slightly compared with November but more than doubled that of a year earlier. Production at Tesla's Shanghai plant was stop-and-start at times last year as a result of Covid- 19 outbreaks and for upgrades to assembly lines to boost production capacity. Deliveries Volkswagen AG's joint-ventures increased prices for some of their EVs, while newcomer dipped in April and in July as a result. Globally, Tesla delivered fewer vehicles in 2022 than it Xpeng told customers their prices will remain unchanged even though subsidies have ended. initially targeted, capping a year during which the stock suffered its worst annual Tesla's official social media announcement with the latest prices didn't please everyone. performance as demand appeared to soften and Covid-related production disruptions Dozens posted negative comments Friday, with some owners saying they had recently paid a persisted in China. Its share price fell more than 60%, with some investors complaining that higher price. Chief Executive Elon Musk diverted his attention from the car company to his newly acquired Twitter Inc. "Existing car owners got stabbed in the back just a month after buying one," one user wrote. China accounted for 24% of Tesla's global revenue for the first three quarters of 2022, Write to Selina Cheng at selina chengawsj.com according to its SEC filings. Corrections & Amplifications Tesla also lowered prices in Japan on major models by nearly 10% Friday. Last month, the Production at Tesla's Shanghai plant was stop-and-start at times last year due to Covid company doubled down on discounts on the same two car models in the U.S. offering a $7,500 outbreaks and also for upgrades to assembly lines. An earlier version of this article incorrectly credit and 10,000 miles of free Supercharging on its two most popular models through the end said the production disruptions happened this year, (Jan. 6) of 2022. Appeared in the January 7, 2023, print edition as 'Tesla Cuts Prices In China After Deliveries Slump'. After several price hikes during the first half of 2022 globally, amid surging material costs, Tesla began reducing its electric vehicles' price tags in China in October, In the latest price cuts, Tesla's long-range version of the Model Y saw the biggest reduction, of more than $7,000. Some interested car shoppers held off buying late last year in anticipation of further discounts after Tesla cut prices in October and eventually got what they wanted, said Kelvin Lau, an auto analyst at Daiwa Capital Markets. "The discounts were frequent, so people might as well wait a bit longer," he said,Tails Wades Prices in China After Bellwerios Starr - WSJ This copyls for your personal norecommendslose orly Distributionand useof this materialare memad by our Subscriber agreement and by copyright law For non -persona wings toorder mu liple copio, press canlad. Dow Jones Rearinis 4 1-600-245-QU0d or vis t wwnud nur n.acunt BUSINESSALTOS & TRANSPORTATIONAUTOS INDUSTRY Tesla Slashes Prices in China After Deliveries Slump Model 3 is now more than 30% cheaper than in the U.S. BLA Tesla began reducing its electric vehicles' price tags in China in October. PHOTO: CFOTO/DDPVIA ZUMA PRESS By Selina Cheng [Follow ] Updated Jan 6. 2023 6:43 am ET HONG KONG-Tesla Inc. TSLA 0.91% ^ made the steepest price cuts so far on its Model 3 and Model Y cars sold in China, after deliveries of its Shanghai-made cars plunged in December to cap a challenging year globally for the electric-vehicle maker. Prices for Tesla's two most popular electric car models-made at its Shanghai gigafactory- will be reduced by between roughly 6's and 13%%, the U.S. car maker said on Chinese social media Friday, Including the latest discounts, Model Y prices now start at the equivalent of around $37,000. The Model 3 starts at roughly $32,700, more than 30% cheaper than the price of a standard Model 3 selling on Tesla's U.S. website. Tesla said the cuts were made possible by engineering innovations and cost controls. The company said it is responding to the Chinese government's calls to boost the economy and encourage consumption. 19