Tesla Model 3 and Model Y Prices Expected to See Reductions in Hong Kong

by Lucky LI on Aug 02, 2023

Exciting news for Tesla enthusiasts in Hong Kong as reports indicate impending price cuts for the popular Model 3 and Model Y, albeit not in the United States where Tesla has already implemented significant adjustments to its pricing strategy earlier this year.

According to credible sources, discounts ranging from 6% to 11.9% are anticipated to grace various configurations of both the Model 3 and Model Y in the vibrant Hong Kong market.

For those eyeing the Model 3, the Rear-Wheel-Drive option is projected to be priced at HK$341,200 ($43,745), the Long Range variant at HK$387,900 ($49,732), and the Performance version at HK$406,900 ($52,168).

As for the Model Y enthusiasts, the RWD alternative is poised to begin at HK$367,100 ($47,065), while the Long Range is anticipated to be priced at HK$415,900 ($53,322), and the Performance edition at HK$428,700 ($54,963).

Initial reports hailing from the Hong Kong Economic Times have divulged these anticipated price reductions. However, it's important to note that neither Tesla has officially confirmed these changes nor have they been implemented at this point.

Tesla has been no stranger to employing price cuts as a strategic maneuver, a practice that has been witnessed multiple times this year across various global markets, including a notable instance in the United States shortly after the start of the New Year.

Elon Musk, Tesla's visionary leader, addressed the topic of price adjustments during the Q1 Earnings Call, offering a glimpse into the company's approach:

"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, the Chief Financial Officer of Tesla, added further insight:

"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."

As the anticipation builds and the automotive community eagerly awaits official confirmation from Tesla, the company's stock is currently trading at approximately $265, promising an intriguing journey ahead for both Tesla and its enthusiastic customer base.