Offers a new China rebate, As Price Reductions shake up EV Market.
Tesla has repeatedly adjusted prices from the beginning of the year to boost sales and compete with rival firms.
It is continuing an offer announced in June of 7,000 yuan rebates to buyers of its more expensive Model S and Model X vehicles.
Tesla on Friday said that it would offer new buyers of its Model Y and Model 3 vehicles a cash rebate of 3,500 yuan which is around $483 if they could cite a referral from an existing owner.
Tesla announced the cash rebate offer on new vehicles in a pledge to avoid abnormal pricing, indicating few rivals to signal a truce in a price war that has threatened industry-wide profitability.
While a round of price cuts and rebates led by Tesla boosted sales, workers in Tesla’s Shanghai complex assembling battery packs were informed of layoffs, according to a worker who had received the notice.
Tesla Layoffs Works
Tesla’s lead in the electric car market has been put under pressure by increased competition from traditional motor manufacturing giants as well as by new entrants.