(Yicai) Sept. 7 -- US electric vehicle giant Tesla has joined a new round of price cuts in China's auto market, offering buyers temporary subsidies of up to CNY13,000 (USD1,940) that bring purchase costs to record lows.

Buyers who order and take delivery of Model 3 and Model Y vehicles by Sept. 30 can receive cash rewards of CNY5,000 and CNY10,000 (USD745 and USD1,490), respectively, while buyers of designated Model 3 versions can get an additional CNY8,000 insurance subsidy, Tesla China announced today.

After the incentives, the lowest prices of the Model 3 and Model Y in China have fallen to CNY222,500 and CNY253,500 (USD33,150 and USD37,770), respectively, their lowest since the refreshed versions of the two models were launched, Tesla noted.

The move comes as more than 10 automakers have rolled out promotions in China since the start of September, including options packages, cash subsidies, and preferential financing, amid sluggish demand in the world's largest auto market.

Electric vehicle maker Leapmotor Technology, for example, launched purchase benefits worth up to CNY19,680 on Sept. 1, including complimentary interior and exterior options and charging stations. Geely Auto-backed Zeekr recently offered a CNY10,000 insurance subsidy as well as financing and options discounts for its flagship Zeekr 8X sports utility vehicle.

Luxury gasoline-powered car brands have introduced even steeper discounts. SAIC Audi recently announced limited-time September prices of CNY262,800 for its A7L luxury four-door coupe and CNY467,600 for its Q6 SUV -- discounts of 37 percent and 29 percent respectively off their official guide prices.

The latest round of price cuts comes against a backdrop of weakness in China's auto market this year. Retail sales of passenger cars fell 20 percent from a year earlier to 11.8 million units in the first eight months, while retail sales of new energy vehicles dropped 11 percent to 6.7 million units, according to the latest data from the China Passenger Car Association.

Editors: Dou Shicong, Emmi Laine