Tesla Cuts Prices of Model 3, Model Y Vehicles in China for Second Time in Three Months

Tesla China-made Model 3 vehicles are seen during a delivery event at the carmaker's factory in Shanghai, China, on Jan. 7, 2020. Reuters/Aly Song/File Photo

Tesla drastically cut the prices of its vehicles in China by more than 10 percent on Friday, marking the second time the electric vehicle (EV) maker has done so in less than three months.

While announcing prices for its Model S sedans and Model X sports utility vehicles, Tesla revealed that its Model 3 and Model Y EVs in China would be available for a reduced price.