According to reports, on July 4, Tesla announced a price reduction for the Model 3 in Hong Kong, with discounts on certain models reaching as high as 18% after tax. Specifically, the entry-level Model 3 under the “one-for-one” scheme is now priced at HK$249,000, while the Performance version under the same scheme has been reduced to HK$325,314 — representing a price cut of up to 18%.
As of press time, the specific reason behind Tesla’s Hong Kong Model 3 price cut remains unclear. The adjustment applies only to the Hong Kong market and does not affect mainland China. It is worth noting that on July 1, Tesla China announced major product upgrades for the long-range versions of both the Model 3 and Model Y. The Model 3 Long Range AWD’s CLTC range increased from 713 km to 753 km, an improvement of 40 km, while its 0–100 km/h acceleration was enhanced to 3.8 seconds. The current starting price has been raised to RMB 285,500 from RMB 275,500, a RMB 10,000 increase. Prices for the Model 3 RWD and Model 3 Performance AWD remain unchanged, at RMB 235,500 and RMB 339,500 respectively. Additionally, Tesla China announced multiple incentives for orders placed before July 31, including an RMB 8,000 limited-time insurance subsidy, 5 years of 0% financing, RMB 8,000 paint option credit, and exclusive charging benefits for Model 3 purchases; similar benefits apply to Model Y orders placed before the same date.
Whether through price cuts or increases, Tesla’s moves may be closely tied to sales performance. According to Tesla’s latest data, the company delivered 384,100 vehicles worldwide in Q2 2025, below market expectations of 389,407 units, marking a 13.5% year-on-year decline but a 14.09% quarter-on-quarter increase. Among them, Tesla’s main models — the Model 3 and Model Y — accounted for 373,700 deliveries. This marks the second consecutive quarter of year-on-year delivery declines. For comparison, in Q1 Tesla delivered 336,700 vehicles globally, down 13% year-on-year and 32% quarter-on-quarter, the lowest since Q4 2022.
Currently, Tesla’s global lineup consists of four models: Model 3, Model Y, Model S, and Model X. Notably, the Model S and Model X were the first models introduced into China, both sold as imports. Compared with the domestically produced Model 3 and Model Y, the S/X are positioned as million-yuan premium vehicles, with high prices limiting their market appeal in China. In its Q1 financial report, Tesla confirmed that its affordable new model remains on schedule to begin production in the first half of 2025. The new car will incorporate technology from both the next-generation and current platforms while sharing existing production lines.
