December 23, 2018 / 3:36 PM / 6 months ago

Tesla cuts Model 3 prices in China

A 2018 Tesla Model 3 electric vehicle is shown in this photo illustration taken in Cardiff, California, U.S., June 1, 2018. \REUTERS/Mike Blake

BEIJING (Reuters) - Tesla Inc (TSLA.O) has slashed prices on its Model 3 electric car in China.

According to the California-based electric carmaker’s Chinese website, prices of certain Model 3 cars were cut by up to 7.6 percent. The starting price for a Model 3 in China now is 499,000 yuan (£56,894.5).

It was the third time in the last two months that Tesla has adjusted its prices in China. In November, the company cut the prices of its Model X and Model S cars by 12 to 26 percent.

Tesla at the time said it was “absorbing a significant part of the tariff to help make cars more affordable for customers in China”.

Earlier this month Tesla cut prices on its Model S and Model X after China’s finance ministry said it would suspend additional tariffs on U.S.-made vehicles and auto parts for three months from January, lowering the cost of importing U.S.-produced Tesla cars into China for sale.

Reporting by Yilei Sun and Norihiko Shirouzu in Beijing; Editing by Hugh Lawson

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