Tesla has once again reduced prices in China, causing its shares to slide by up to 3%. The company made the announcement on Weibo, stating that two versions of the Model Y will be discounted by 14,000 yuan ($2,000), while the Model 3 will receive an insurance subsidy of 8,000 yuan ($1,100) until September. Tesla has faced tough competition from domestic Chinese automakers such as BYD, Nio, and Xpeng, resulting in margin erosion in the second quarter of 2023. The price cuts are part of Tesla's efforts to clear inventory and increase deliveries.

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