In a desperate attempt to stay competitive in the Chinese market, Elon Musk’s Tesla has announced a price cut of 14,000 yuan ($1,900) for its two higher-end Model Y vehicles. The price reduction is seen as the latest move in an ongoing price war that has been affecting the electric vehicle (EV) industry in China. Tesla previously promised to uphold the “core socialist values” of communist China in an attempt to cool down the price war with local competitors.
