Tesla Model 3 prices fall in China once again

Tesla Model 3 prices fall in China once again

Model 3 is getting cheaper and cheaper in China.

Nick Miotke / Roadshow

For the third time this year, the Tesla Model 3 received a price cut in China. Reuters reported the price change on Thursday and the automaker’s Chinese website reflects the new prices. Chinese buyers will find that the Model 3 is now priced at 249,900 yuan, or around $ 36,800 at current exchange rates. The new price has fallen about 8% after Tesla cut the price of the electric car again.

Tesla didn’t immediately respond to a request for comment on why prices were lowered, but all information suggests the inclusion of a new cobalt-free battery. This week we heard that the automaker was ready to introduce a new lithium iron phosphate battery that eliminates cobalt, a rare earth mineral, and makes it cheaper. In return, the company could sell the Model 3 at a lower cost. However, Tesla doesn’t mention a new battery on its website.

Tesla prices change frequently in China as the government continues to pull back incentives for buyers to purchase “new energy vehicles”. The prices that Tesla lists on its website include the generous incentives. Though the government is phasing out subsidies, Tesla alone has to compete with a host of new electric vehicles on the horizon. We have already seen An electric vehicle for sale in China for just $ 4,200 with the incentives.

Rumors about the new battery have long indicated that the cobalt-free battery will only be available in China, at least for now. Tesla held his Battery day event last week, which unveiled more breakthroughs the automaker plans to make over the next few years. With cheaper, more energy-dense batteries, CEO Elon Musk reiterated his hopes for one $ 25,000 Tesla in the next three years.

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