• Tesla slashed the price of its 830-km Model 3 in China by RMB 10,000 ($1,400), less than a month after its August 12 launch.
• Tesla continued offering purchase incentives for the Model 3 in September, including 5-year zero-interest financing and an RMB 8,000 insurance subsidy.

Tesla (NASDAQ: TSLA) has reduced the price of its long-range rear-wheel drive Model 3 sedan in China by RMB 10,000 ($1,400), less than a month after launching its longest-range car in the world's largest EV market.

The Model 3 variant with an 830-km CLTC range now starts at RMB 259,500 -- a 3.71 percent reduction from its RMB 269,500 launch price last month. Its deliveries have not yet begun.

Tesla launched this variant in China on August 12, initially priced RMB 34,000 (14.44 percent) higher than the entry-level rear-wheel drive Model 3 variant at RMB 235,500.

The introduction of this single-motor long-range rear-wheel drive trim expands the Model 3's lineup in China to four variants.

The two higher-priced variants -- long-range all-wheel drive and performance all-wheel drive -- both feature dual motors, with starting prices of RMB 285,500 and RMB 339,500 respectively.

Prices for the other three Model 3 variants remain unchanged.

On delivery wait times, the top-tier performance variant requires 3-5 weeks, while the other three variants have wait times of 1-3 weeks.

Tesla continues to offer purchase incentives for the Model 3 in September, including 5-year zero-interest financing and an RMB 8,000 insurance subsidy.

Pricing and delivery wait times for Tesla's other locally produced model, the Model Y, remain unchanged from last week.

The two lower-priced Model Y variants have delivery wait times of 1-3 weeks, while the highest-priced Model Y L still has an estimated delivery date of October.

Model 3 retail sales in China came in at 9,851 units in July, marking a 0.78 percent year-on-year decline -- the third consecutive month of contraction -- and a 40.79 percent decrease from June, according to data compiled by CnEVPost.

From January to July, Model 3 retail sales in China totaled 101,770 units, representing a 26.54 percent year-on-year increase.

The Tesla sedan exported 12,197 units from China in July, down 46.47 percent year-on-year but up 228.76 percent month-on-month.

From January to July, Model 3 exports totaled 70,718 units, down 42.00 percent year-on-year.

Model Y retail sales in China reached 30,766 units in July, down 15.24 percent year-on-year and 31.4 percent month-on-month.

This contributed to a decline in Model Y's cumulative sales in China year-to-date. From January to July, Model Y retail sales in China totaled 202,257 units, down 17.15 percent year-on-year.

From January to July, the SUV exported 57,615 units from China, a 6.17 percent increase year-on-year.

($1 = RMB 7.1308)