CEO Elon Musk said “radical interest rate changes” had affected the affordability of all cars, new and used.
Tesla shares closed up 2.5% at $113.06 on Friday. However, the stock has lost 70% of its value in the last year.
The latest cut in China, along with another in October and recent incentives for Chinese buyers, mean a 13% to 24% reduction in Tesla’s prices from September in its second-largest market after the United States, Reuters calculations showed. Deliveries of Tesla’s China-made cars hit their lowest in five months in December. Tesla’s Shanghai plant, which was expanded last year, also exports vehicles to Europe.
China Merchants Bank International said that Tesla may have to do more, especially as competition with Chinese rivals intensifies.
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