Tesla Inc. lowered the prices of the Model S and Model X in China, seeking to boost sales after the trade war with the US hit demand in the world's biggest vehicle market.
Tensions worsened between the United States and China last weekend, after United States vice president Mike Pence vowed the country would not back down from its trade dispute with China. The company hiked prices then on the Model X and S by about 20 percent.
Prices for the models were lowered by 12 percent to 26 percent, the company said in a statement Thursday. The company has succeeded in China as well, which is world's largest electric vehicle market. The import tariffs come in retaliation for President Trump's trade war with China and have affected many US based multinationals selling goods in the country.
Tesla is the first foreign carmaker to be granted approval to establish a wholly owned plant in China as the nation opens its automotive industry wider to the world, the China Daily reported.
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Tesla's latest Model 3 launched pre-sales in China last week, with deliveries to start in March or April.
But the company raised its prices in July after Beijing imposed a new 25% tariff on U.S. cars, retaliating for America's decision to target Chinese goods with its own tariffs. Under these tariffs, excessive import taxes were levied on American products.
The company warned in October that it was struggling to sell automobiles in China because of the new tariffs, as Tesla would have no choice but to step up investment in its first overseas Gigafactory 3 in Shanghai.
Tesla warned last month that its auto sales in China were facing major problems due to new tariffs that would force it to accelerate investment in its first overseas "Gigafactory" in Shanghai, according to Reuters.