Tesla is making further price cuts in China, reducing models S and X by $7,400 - $8,500

Tesla slashed the price of the existing inventory of its Model S and Model X cars in China, looking to boost sales amid rising competition in one of its key markets.

The Model X is on sale for 836,900 Chinese yuan ($114,677) down from 898,900 yuan, Tesla said in a post of Chinese microblogging service Weibo.

And the Model S is being sold for 754,900 versus the previous price of 808,900 yuan.

NIO cars start at around $46,100 for the NIO ET5 electric sedan.

The NIO EC6 price is another moderately-priced model starting at $52,400.

Other NIO car prices stretch into the upper $60,000 range for the base model. When well-equipped, the electric NIO models can sell for over $70,000.