Existing Model 3 and Y vehicles will be $5,000 cheaper for buyers who trade in their ICE car, a Singapore dealer said Monday. Purchasing a license to own a car is subsidized with $5,000. Last week Tesla cut prices in China, South Korea, Japan and Australia to boost demand. At the weekend, this led to protests from hundreds of Tesla buyers in China, who had bought their car at a significantly higher price at the end of last year. Videos of customers scolding outside delivery centers in Shanghai, Chengdu, Shenzhen and other places have surfaced on social media.
According to Reuters calculations, new Tesla cars in the People’s Republic are now 13 to 24 percent less than in September after two price cuts. Buyers who bought a car late last year due to the new year’s phase-out electric car-Bought the promotion were caught off guard. The carmaker let them believe there would be no price cut any time soon. “Return the money, refund our cars,” chanted a crowd in Chengdu. A customer in Shanghai said angry buyers handed over a list of demands at a police-flanked meeting with Tesla employees. They demanded an apology and financial compensation. The Tesla sellers had promised a reaction by Tuesday. A company spokesman said, however, that a price refund is not planned.
The protest was largely met with rejection on social media. The buyers should have looked at the contract terms more thoroughly. A well-known blogger called the protests on Weibo shameful.
Tesla shares are up 1.83 percent at $115.13 in premarket NASDAQ trading.
Singapore/Shanghai (Reuters)
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