The Tesla Model 3 and Model Y are set to receive a price cut ranging between 6 and 11.9 percent in Hong Kong across multiple variants, reports Hong Kong Economic Times.

Currently in Hong Kong, the rear-wheel drive (RWD) configuration of the Model 3 is priced at HKD 341,200 (~RM 197k), the Long Range at HKD 387,900 (~RM 224k), and the Performance at HKD 406,900 (~RM 235k).

As for the Model Y, the RWD starts at HKD 367,100 (~RM 212k), the Long Range at HKD 415,900 (~RM 240k), and the Performance at HKD 428,700 (~RM 247k).

Also read: Tesla Model Y launched in Malaysia, from RM 199k, up to 534 PS/660 Nm, 533 km range

This upcoming round of price cuts in Hong Kong comes after a previous one in April earlier this year, where prices were reduced by up to nearly 15 percent.

It is reported that Tesla’s decision to adjust prices for the Model 3 and Model Y in Hong Kong is part of its ongoing efforts to remain competitive in the electric vehicle (EV) market while maintaining efficient cost control measures.

Also read: Tesla's FSD could be implemented by other carmakers, self-driving software to be licensed

In Malaysia, the Tesla Model Y starts from RM 199,000 for the base RWD variant, RM 246,000 for the all-wheel drive (AWD) Long Range variant, up to RM 288,000 for the range-topping AWD Performance variant. Deliveries are expected to commence in early 2024.

Also read: Price war hits hard: After Tesla Model Y's RM 199k, more pre-registered BYD Atto 3 flood the market