$SPY It was the seventh time that Tesla cut prices in China. Compared with the initial price of 355,800 yuan for the entry-level Tesla Model 3 announced in October 2019, the price has dropped by more than 100,000 yuan. Feng Shiming, an independent car analyst, told the Global Times that the termination of the plan and Tesla's unpredictable price cuts will cause consumers to question the brand's credibility. "Tesla's price cuts have caused many to return their cars to cover their losses. Such an option may have affected actual sales and increased operating costs for Tesla," Feng said. "The removal of the refund plan can reduce costs for the company in the short term, but it will damage customer confidence in the brand in the long run." The US electric carmaker also faces questions from Chinese users regarding the update of the Chinese-made Model 3, which appears to be lagging behind its US-made counterpart.