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

(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%.

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),.

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

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.

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. 

Tesla made the announcement.

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

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

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