Tesla releases new Model 3 amid discounts for early models

Tesla made significant moves on Friday, with highly anticipated release of the new Model 3, which comes with upgraded features and a higher price tag compared with the previous version.

On the same day, the US automaker also announced price adjustments for Model S and Model X, offering substantial discounts.

Pre-orders for the refreshed Model 3 on the Chinese mainland have already begun, with prices starting from 259,900 yuan (US$35,803) for the rear-wheel-drive variant and 295,900 yuan for the long-range all-wheel-drive version. It was mentioned that the current prices are for pre-orders, while the actual prices will not differ significantly.

The upgraded version of Model 3 boasts various improvements, including enhanced performance, range and additional features.

In addition to exterior design changes and new color options, the new model features an 8-inch rear-seat touchscreen, ambient lighting, a new multifunction steering wheel, ventilated front seats, and a revamped seating system. Enhanced safety measures include long-range safety airbags and blind-spot warning lights.

In a simultaneous move, the carmaker also announced price adjustments for its Model S and Model X. The Model S now ranges from 698,900 yuan to 828,900 yuan, while the Model X is priced between 738,900 yuan and 838,900 yuan.

These adjustments translate to maximum price cuts of 130,000 yuan for the Model S and 151,000 yuan for the Model X, compared with discounted prices from just two weeks earlier. If based on the official prices, the two models can be seen as receiving maximum price cuts of up to 200,000 yuan and 220,000 yuan respectively.

Emerging electric vehicle companies XPeng Motors and Leapmotor on the same day also introduced price adjustment policies.

XPeng announced a limited-time promotion for its new P7i models. From now until September 30, customers can choose between a 24-month interest-free installment plan or a 10,000-yuan discount on the final payment. Additionally, customers will receive a free upgrade to a 6,000 yuan worth of original Dynaudio's Confidence series of audio system. This promotion could potentially save customers up to 24,000 yuan.

Leapmotor, meanwhile, announced that customers who purchase their T03 series models between September 1 and 30 will enjoy a maximum official subsidy of 10,000 yuan.

These moves are seen as a continuation of the ongoing price war in the automotive industry.