Tesla owners in big cities across China are protesting against the carmaker’s price cuts, overshadowing the company’s efforts to revive sales in the world’s largest electric vehicle market.

Tesla announced the cuts for its Model 3 and Model Y vehicles on Friday, slashing prices to Rmb229,900 ($34,000) and Rmb259,900, respectively. The carmaker also cut prices in October.

The move prompted Tesla owners to picket the carmaker’s showrooms and delivery centres in cities including Shanghai, Wuhan and Shenzhen over the weekend, according to people who took part in the protests.

The protests come as Tesla is confronted with slowing EV sales in China. The company is also increasingly facing fierce competition from domestic rivals including BYD and Li Auto.

Tesla’s price cuts, which are as high as 13.5 per cent depending on the model, might not be enough to keep hold of top spot in the EV market, said analysts. “Tesla needs to further cut prices and expand its sales network in China’s lower-tier cities,” said Shi Ji, an auto analyst with China Merchants Bank International.

Grace Tao, Tesla’s vice-president for external affairs, said in a social media post on Friday that the cuts relied on “engineering innovations”. She added: “We answer the call of the country to stimulate economic growth and unleash consumption potential.”

Li, a Tesla owner who provided only his surname for fear of being investigated by police, joined more than 20 other car owners to stage a protest at Tesla’s delivery centre in the eastern city of Wenzhou on Sunday.

“Tesla is lowering its prestige as a premium EV brand by cutting prices time after time,” said Li, who owns a Model 3.

https://www.ft.com/content/dc1093f3-fbcb-41a6-bc6b-efd21bb303e3

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