Tesla Cuts Prices In China

Tesla ($TSLA@US) cut prices for its Model 3 and Model Y in China after deliveries dropped in December. The Model 3 starts at $32,700, more than 30 percent cheaper than the model’s U.S. price. The Model Y starts at around $37,000. The electric vehicle giant cut prices late last year and offered short-term discounts to entice buyers, but the moves failed to make up for Tesla missing its delivery target in 2022. Tesla’s China market accounted for 24 percent of its global revenue in the first three quarters of 2022.