Tesla slashes Model 3, Model Y prices in China for second time in 3 months

FILE PHOTO: A Tesla model 3 car is seen in a showroom. REUTERS/Edgar Su

SHANGHAI: Tesla cut car prices in China for the second time in less than three months on Friday, deepening its discounts in the world's largest auto market as competition picks up and the demand outlook darkens.

The latest cut, along with a reduction in October as well as various incentives that amount to as much as 10,000 yuan extended to Chinese buyers over the past three months, amount to a 13% to 24% reduction in Tesla's prices from September, according to Reuters calculations.