Tesla on Friday announced price cuts in China for two of its higher-end electric vehicles (EVs).

The Model S will go for a starting price of 698,900 yuan ($96,191.70) and the Model X will retail for at least 738,900 yuan, the company announced on its Weibo account.

That means prices for all versions of the Model S and Model X are 14% and 21% lower, respectively.

($1 = 7.2657 Chinese yuan renminbi) (Reporting by Qiaoyi Li, Zhang Yan and Brenda Goh; Editing by Christian Schmollinger)