Tesla will reportedly introduce a price reduction for its Model 3 and Model Y vehicles in Hong Kong, effective from August 4, claims a report from the Hong Kong Economic Times.
This would mark the second price adjustment this year, following the previous one on April 15. According to the customs website and the post-tax “one-for-one” prices, the price cut in this round is as high as 11.9%. Notably, the entry-level Model 3 and Model Y, which were not included in the previous price reduction, are now part of Tesla’s latest price cut.
The most substantial reduction is for the Model 3 Performance, with the “one-for-one” price dropping from 440,000 yuan to 388,000 yuan, a decrease of nearly 12%.
The Model Y Long Range will also see a significant price cut, with the “one-for-one” price falling from nearly 460,000 yuan to 406,000 yuan, a decrease of 11.7%. This move is expected to make Tesla’s electric vehicles more accessible to a broader customer base in Hong Kong.
Price cuts aim at stirring up demand for Q3 and right now Tesla is also allowing one-time FSD transfers to new vehicles, only in the quarter. The automaker continues to make manufacturing more efficient and is able to lower its margins in exchange for higher volume sales.
HKET similarly reported back in April a price cut was coming for Tesla vehicles in China’s Special Administrative Region, following similar cuts in China, the U.S. and Europe.
