Tesla shares rose 7 percent at the opening, after Elon Musk’s car company cut prices in China Mobility

The stock has been under pressure for months. In addition to the competition in the Chinese market, investors are also concerned about the management of CEO Elon Musk, who also acquired the social network Twitter. Tesla shares fell more than 7 percent on Friday when the stock market opened, after which the loss eased somewhat to around 4 percent. In the past year, Tesla’s share price has already lost about 65 percent.

For example, the price of the China-made Model Y has been cut by 10 percent to approximately 260,000 yuan, or about 36,000 euros. According to the American website of the car brand, the starting price there is approximately 66 thousand dollars, which is more than 62 thousand euros. The Tesla Model 3 is 30 percent cheaper in China than in the United States after price cuts.

In addition to the price reduction, Tesla also introduced a number of more expensive models, namely the Model S and Model X respectively. Chinese customers pay more than 1 million yuan for this, nearly 140,000 euros. With the introduction of these new models, the automaker wants to take part in the premium segment of the electric vehicle market in China.

Tesla also cut prices in China last year to boost sales of its cars. Since 2019, Tesla has also located production of the Model 3 and Model Y in Shanghai, China. The company shipped more than 700,000 vehicles from that plant last year, accounting for 54 percent of Tesla’s global sales.

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