Tesla and Li Auto stocks took a hit in premarket trading as both companies announced significant price reductions for their electric vehicles in response to heightened competition.
Tesla cut prices for its Model 3 in China and other major markets, while Li Auto slashed prices for multiple models, reflecting the intensifying battle in the EV space.
1. Tesla reduced the starting price of Model 3 in China by 14,000 yuan, also slashing prices in Germany.
2. Li Auto announces price cuts for models including L7, L8, L9, and MEGA SUV, up to 30,000 yuan.
3. Both companies reflect updated prices on their websites following the announcements.
4. Li Auto stocks plummets 8.3% to an 11-month low, with other Chinese EV makers also experiencing declines.
5. Intensified competition in China’s EV market prompts price reductions to compete with Tesla.
6. Chinese EV makers vie for dominance, aiming to surpass Tesla in sales and technology.
7. Strategies include price discounts as part of efforts to survive industry consolidation.
8. Xiaomi enters the EV market with SU7, priced lower than Tesla’s Model 3 and claiming superior driving range.
