A day after pledging to avoid “abnormal pricing” in China, Elon Musk-led giant Tesla Inc TSLA has announced a reward of 3,500 yuan ($484) for Model Y and Model 3 buyers in the country with a referral, effective immediately.
See Also: Everything You Need to Know About Tesla Stock
What Happened: Alongside the reward, Tesla stated on Weibo that buyers will receive 90 days of free access to the company’s enhanced autopilot system.
In the meantime, referrers will be granted 7,000 points, which can be redeemed for a supercharged range or a model Y stroller.
During the second quarter, Tesla sold 247,217 vehicles manufactured in China, indicating that over 53% of its global sales during that period were made in China. The company delivered a total of 466,140 units worldwide in the quarter.
Why It Matters: On Thursday, it was reported that Tesla, along with BYD and 14 other companies, signed a letter at a motor industry conference in Shanghai, expressing a commitment to fair competition and the promotion of “core socialist values” in the Chinese auto market.
The letter aims to resolve the ongoing price war that has impacted the EV industry since Tesla’s earlier price cuts in the Chinese market this year.
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