In a notice released Monday, Tesla Inc said that it is cutting the prices in China for the Model Y long-range and performance versions beginning on August 14th.

The automaker cut the starting prices of both models, by 14,000 yuan ($1,934.58). That will drop the starting price of the Model Y Long Range 4.5% to 299,900 yuan while the starting price of the Model Y Performance falls 3.8% to 349,900 yuan.

In the same statement, the company also said that it would offer subsidies for insurance in China of 8,000 yuan for buyers of the entry level rear-wheel drive versions of the Model 3 who make their purchase between August 14th and Sept 30th.

Tesla CEO Elon Musk had said last month that the company would be considering further price cuts to stimulate sales, even though it would put pressure on the company’s margins.

The most recent price cuts are just the latest in a series of price cuts, increased discounts, and other incentives implemented in both the United States and China, as well as other markets beginning late last year. The incentives were designed to increase sales and move inventory in more difficult economic conditions, as the company has sought to maintain market share against a raft of new upstarts in the Electric Vehicle sector, all of which have been seeking to make inroads into Tesla’s market share.

In July, Tesla saw the sale of its Chinese-made vehicles fall 31% from June, according to data from the China Passenger Car Association (CPCA) which was released earlier this month. It was the first monthly decline posted since last December.