Tesla is expected to reduce pricing of its Model 3 and Model Y vehicles in Hong Kong, per a recent report by The Hong Kong Economic Times. The 3 and Y are two of the most popular vehicles in Hong Kong and frequently outsell combustion-engined rivals.
Currently, the Rear-Wheel-Drive Model 3 starts at HK$341,200 ($43,745), the Long Range comes in at HK$387,900 ($49,732), and the Performance costs HK$406,900 ($52,168). According to the report, pricing will be reduced by between "6 and 11.9 percent" although exact new prices for each model were not given.
The same applies for the Model Y, which currently comes in at HK$367,100 ($47,065) for the RWD, HK$415,900 ($53,322) for the Long Range, and HK$428,700 ($54,963) for the Performance.
Tesla first entered the Hong Kong market back in 2013, with the automaker's Hong Kong store being its first in all of Asia. With the Model S and X not being available in Hong Kong since 2020, all Teslas sold there are now, unsurprisingly, built at Giga Shanghai.
It's important to note Tesla has not confirmed the above price changes, however multiple sources indicate they will come into effect soon. The wider Chinese EV market is incredibly competitive with numerous key local players like BYD, XPeng, and NIO. Hence price wars are constant, and Western manufacturers often have to make cuts in order to stay competitive