By Yifan Wang

Tesla Inc. cut prices on its Model 3 and Model Y vehicles in China by more than 10%, months after the auto maker's previous price reduction, as competition heats up in the world's biggest electric-vehicle market.

Tesla reduced the starting price for the rear-wheel-drive Model 3 to 229,900 yuan ($33,407) from CNY265,900, while the Model Y starting price wil be CNY259,900, down from CNY288,900, according to the company's website and a social media statement on Friday.

The cut come after Tesla in October lowered prices in China in a bid to fend off rising competition from fast-expanding local EV brands, as well as traditional auto makers' increasing push into the Chinese market.

Tesla earlier this week said its 2022 deliveries grew about 40% on year, missing its own target of a 50% rise or more. In China, the company's December sales volume dropped to a multimonth low, according to data from the China Passenger Car Association.

Write to Yifan Wang at yifan.wang@wsj.com

(END) Dow Jones Newswires

January 05, 2023 23:30 ET (04:30 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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