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By Han Wei / May 15, 2020 05:14 AM / Business & Tech

A pedestrian walks past a Tesla Inc. dealership in Shanghai. Photo: Bloomberg

A pedestrian walks past a Tesla Inc. dealership in Shanghai. Photo: Bloomberg

Tesla Inc. is cutting prices by about 20,000 yuan ($2,818) for the long-range version of its China-built Model 3 electric car, the second price cut in a month in the world’s largest market for electric autos.

The reduction of about 6% off the sticker price would make up for a consumer rebate that is going away in July, meaning customers will continue to pay 344,050 yuan for the car, the American automaker said Thursday.

In late April Tesla cut the price of its China-made standard-range Model 3 sedan to less than 300,000 yuan. The reduction made the vehicles eligible for state subsidies. The entry-level standard version Model 3 now costs 271,550 yuan after subsidies.

The long-range version will still not qualify for the subsidies after the price cut, but the lower price will help Tesla compete with global rivals including Daimler AG and Volkswagen AG as China’s auto market gradually recovers from the Covid-19 pandemic.

Tesla sold 3,635 Model 3 cars in April in China, down from 10,160 in March, according to the China Passenger Car Association.

Related: Tesla Unveils New Price Cuts to be Eligible for Chinese Subsidies

Contact reporter Han Wei (weihan@caixin.com) and editor Bob Simison (bobsimison@caixin.com)

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