Tesla

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.

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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.

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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.

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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.

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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.

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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.

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