After slashing prices for certain models in Japan, EV maker Tesla (NASDAQ:TSLA) is now offering cash rebates to customers in China if the referral for a Tesla vehicle purchase came from a current Tesla owner.
While car makers in the country have publicly agreed to put a stop to the price war, the move from Tesla indicates the price war may not be over yet. The rebate offer for Tesla cars covers Model 3 and Model Y where new car buyers stand to get a rebate of nearly $484.
In another development, workers at Tesla’s Shanghai factory are staring at potential layoffs. While the exact number of jobs to be slashed remained unknown, the company has offered some employees the option to shift to another workshop.
Overall, the Street has a $229.31 consensus price target on Tesla alongside a Moderate Buy consensus rating. Shares of the company have skyrocketed nearly 156% year-to-date.
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