(Yicai Global) April 22 -- Tesla China has refuted rumors that it will cut prices of the Model 3 by more than a quarter to CNY220,000 (USD31,000).

The American electric carmaker will continue to sell the Model 3 from CN299,000 in China, Shanghai Securities News cited it as saying in a statement.

Several bloggers had claimed yesterday that they had an internal source who said it would discount the vehicle.

Tesla sold 11,927 vehicles in March, leading the local new-energy vehicle market, according to data from the China Association of Automobile Manufacturers.

Editor: James Boynton