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Tesla cuts Model S and Model X prices by more than 6% in China

Tesla said on Wednesday that it has cut the prices of its high-end Model S and Model X cars in China by up to 6.9% for the cars it already has in stock.

The car company posted on Weibo that the price of the Model S had dropped by 6.7%, from 808,900 yuan ($103,477.58) to 754,900 yuan ($103,477.58).

The Model X now starts at 836,900 yuan. It used to start at 898,900 yuan, which is 6.9% less.

Tesla (TSLA) said on Monday that starting August 14, the prices for its long-range and speed versions of the Model Y will go down in China. This made people worry about its profit margins.

The changes come after sales of Tesla cars made in China dropped by 31% from June to July. This was the first month-to-month drop since December, when the carmaker stopped some production to get ready for a new launch of the Model 3.

On the other hand, sales for China’s BYD (BYDDF) went up from June.

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