On August 13, 2023, Tesla posted on Weibo, China’s social media platform. Announcing the price reduction of two Chinese-made Model Y electric SUVs, the Long Range and Performance models, by 70,000 baht and the Model 3 electric sedan by 40,000 baht, causing Tesla’s shares to fall 3% in the morning market. Monday Affecting competitors in the electric vehicle market in China, especially BYD.
from the price drop of Tesla As a result, BYD’s shares fell 8.7%. The value of the BYD CEO dropped $ 1.5 billion, or about 53 billion baht in one day.
Considered that Tesla has once again declared a price war in the Chinese electric car market. After July 6, 2023
that have signed peace agreements, undercutting
Throughout the first half of 2023, Tesla has made several price cuts on electric cars. As a result, Tesla’s China sales rose to 247,217 units, but it lost to rival BYD, who sold 700,244 units in the same quarter.
Currently, BYD CEO Wang Chuanfu is China’s ninth-richest person with a total net worth of $18 billion.
