Tesla Model 3 RWD LR Prices Reduced In China Within Weeks Of Launch

Tesla recently launched the Model 3 Rear-Wheel-Drive (RWD) Long Range version of the electric vehicle in the Chinese market. Within weeks of the event, the US-based manufacturer has now reduced the prices of the car while facing a sales slump. This comes while the electric vehicle market in the country is growing, entering a new phase in terms of EV adoption and electric car sales.

Tesla, which was once the largest EV-maker in China, has seen a year-to-date decline of 6.3 percent in the last week, based on insurance registration data compared to 2024. To keep up with the competition, the brand has launched two new versions of the Model 3 and the Model Y in the market.

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The Model 3 got the Long-range rear-wheel drive version in early August with a price tag of 269,500 yuan (around Rs 33.27 lakh). However, considering the factors in the market, the brand has reduced the prices of the electric vehicle by 10,000 yuan (around Rs 1.23 lakh). This hints at the possibility of slow sales

The price reduction comes with a series of benefits for the buyers. This includes a referral program offering a bonus of 8,000 yuan (around Rs 98,794) on optional paint. Meanwhile, select models before 30th September can get a limited-time 5-year 0 percent financing plan, among other benefits.

Competition in the EV sector is tough in China. Tesla is still performing well in the premium segment, but its most popular models are, by far, the cheaper Model 3 and Model Y in RWD versions. Meanwhile, Chinese EV automakers have launched numerous vehicles in these segments.

While sales in China are declining, the American electric vehicle manufacturer has received orders for 600 cars since its launch in India, as per Bloomberg News. This is a number short of the company's own expectations.