Shanghai (ZXZC)- Tesla has reduced the post-subsidies price of the China-made Model 3 Standard Range Plus (SR+) by 15,000 yuan ($2,320) to 235,900 yuan ($36,560), the U.S. EV manufacturer announced on July 30 via its Weibo account.

The company said the price reduction reflects the actual fluctuation in costs.

Model 3; photo credit: Tesla

According to Tesla China's official website, the current lead time of the China-built Model 3 SR+ is four to six weeks, versus the previous one to three weeks.

The fresh price change of the Model 3 came less than one month after the made-in-China Model Y Standard Range (SR) hit the market. With a starting price of 276,000 yuan ($42,770) after subsidies, the Model Y SR is expected for delivery in August.

Although the Model Y SR is 25,100 yuan ($3,900) dearer than the Model 3 SR+, it features greater cost effectiveness than the latter thanks to its larger seating room and longer driving range, some commentators said.

For the first half of 2021, the insurance registrations of the China-made Model 3 amounted to 85,191 units, while the locally-built Model Y recorded an insurance volume of 46,570 units, according to the China Banking and Insurance Regulatory Commission (CBIRC).