Tesla lowers Model S and X prices in China by more than 6%.

[{"selector":"#anim-157b5d45-d35f-4f5c-ad5e-63b7f4867342","keyframes":{"opacity":[0,1]},"delay":600,"duration":800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-bbbfcca6-d6ab-4dcb-a9b2-23b483614859","keyframes":{"transform":["translate3d(-124.65754%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":600,"duration":800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

(Reuters) - BEIJING -Tesla announced on Wednesday that it has reduced pricing for existing stocks of its premium Model S and Model X vehicles in China by up to 6.9%.

[{"selector":"#anim-57d26d03-8867-4b48-b9fd-8ea56c4556d3","keyframes":{"opacity":[0,1]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-bc1f571b-3fbb-41d8-81a5-3277d8f77278","keyframes":{"transform":["translate3d(0px, 160.67251%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

The price of the Model S was reduced by 6.7%, from 808,900 yuan (about $103,477.58) to 754,900 yuan (about $103,477.58),.

[{"selector":"#anim-f221b574-100d-42d3-a04d-ca99a780105c","keyframes":{"opacity":[0,1]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-66de196a-34a2-4332-85e4-ea3c99eccc31","keyframes":{"transform":["translate3d(0px, 145.90867%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

According to a post made by the automobile manufacturer on the social media platform Weibo.

[{"selector":"#anim-f6be61ed-38dc-4fb4-87d0-9f8c8111e887","keyframes":{"opacity":[0,1]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2031502a-b45c-4b85-979f-7c5d2644675c","keyframes":{"transform":["translate3d(0px, 223.06882%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

The base price of the Model X has been reduced by 6.9%, from 898,900 yuan to the current starting price of 836,900 yuan.

[{"selector":"#anim-283dde92-7111-41e7-8015-603b365cb505","keyframes":{"opacity":[0,1]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ffbe9652-7a26-4d0b-b150-08643b86bada","keyframes":{"transform":["translate3d(0px, 162.18775%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

Concerns were raised about Tesla's profit margins when the company said on Monday that it would reduce pricing in China beginning on August 14 for the long-range and performance versions of the Model Y.

[{"selector":"#anim-a9454656-07e1-4ef7-9e9e-0952f47e34da","keyframes":{"opacity":[0,1]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-51f576c2-e186-4873-9102-02c92aef13c4","keyframes":{"transform":["translate3d(0px, 128.32784%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

Tesla made the announcement.

[{"selector":"#anim-ca911d3f-f1d1-43c3-bdab-6b32aeaf90fa","keyframes":{"opacity":[0,1]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4f1917ba-9b84-4bf0-b16b-b26c19bf789d","keyframes":{"transform":["translate3d(0px, 280.75394%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

The actions come after Tesla's sales of vehicles built in China dropped by 31% in July compared to June

[{"selector":"#anim-23075f47-1025-4805-acff-e9808def63e2","keyframes":{"opacity":[0,1]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6ff376bb-579e-4a76-a4a9-3a276b34641b","keyframes":{"transform":["translate3d(0px, 184.97353%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

This was the result of the manufacturer pausing some manufacturing in order to get ready for the launch of a redesigned Model 3.

[{"selector":"#anim-f5df7567-512c-4068-a2aa-373203961c77","keyframes":{"opacity":[0,1]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3e1854b5-6e5e-4152-8971-dcd055b952dd","keyframes":{"transform":["translate3d(0px, 175.36605%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]