Tesla Model 3 and Model Y prices are set to be cut, but not in the United States, according to reports.
The Model 3 and Model Y are set to receive discounts between 6 and 11.9 percent today in Hong Kong across several configurations of each all-electric vehicle.
The Model 3 ranges from HK$341,200 ($43,745) for the Rear-Wheel-Drive configuration, HK$387,900 ($49,732) for the Long Range, and HK$406,900 ($52,168) for the Performance.
Meanwhile, the Model Y starts 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.
The cuts were first reported by Hong Kong Economic Times. However, Tesla has not confirmed, nor have the price cuts occurred as of yet.
Tesla has used price cuts several times this year in various markets, including the United States, where its biggest changes occurred just after the New Year.
During the Q1 Earnings Call, Elon Musk vaguely described Tesla’s strategy on adjusting car prices, as the changes were quite frequent during the first half of the year.
“I think this is not something that we can really talk about. It’s just — we do our best to evaluate the production output, macroeconomic conditions, and we make a decision.”
Zachary Kirkhorn, Tesla’s CFO, added:
“I think that’s right. I mean, as a team, we review where we stand globally on a weekly basis and certainly, I can’t get into the details of the reasons why certain decisions are made. But it is something that’s very actively managed by a subset of the leadership team.”
Tesla stock is trading at around $265 at the time of writing.
Disclosure: I own Tesla stock.