Tesla lowers car prices by 26% to woo buyers

Tesla Inc is slashing the prices of its models in China by up to a quarter in an effort to boost sales in the world's largest new energy vehicle market.

The manufacturer of electric cars said on Thursday it is cutting the prices of its Model S sedan and the Model X SUV in China by 12 percent to 26 percent. The cheaper Model 3's prices in China, which were also released on Thursday, are now 14 percent lower than the previous pre-order prices.

"We are absorbing a significant part of the tariff to help make our cars more affordable for customers in China," Tesla said in a statement to China Daily.