Beijing (Reuters) - Tesla trimmed prices on Thursday for its Model 3 and Model Y vehicles in China, the world’s largest market for cars.
The cut comes after disappointing sales numbers came out on Thursday, with the electric vehicle pioneer delivering a five-month low 55,796 cars in China in December, a 44% decrease from the month before, according to the China Passenger Car Association.
The Model 3, Tesla’s least expensive vehicle, now costs about $33,427 in China, down from about $38,704, according to the company’s website. The price of the Model Y was lowered to $37,830, down from about $42,051.
Tesla stock has taken a beating over the last year, down about 72% from its peak in November 2021. Shares closed down 2.9% on Thursday.
Worldwide, Tesla delivered 405,000 vehicles in the fourth quarter, about 13,000 short of consensus forecasts of 418,000.