Tesla vehicles sitting on the lot at a Tesla dealership in Austin, Texas.Brandon Bell via Getty ImagesTesla slashed prices for its Model 3, S, X, and Y in China by $1,930 each over the weekend.The wave of price cuts come amid declining sales and heightened competition from its Chinese rivals."Tesla prices must change frequently in order to match production with demand," Musk said on Sunday.Tesla, eager to hold on to its market share in China, is amping up its price war against its Chinese rivals amid declining sales.The EV manufacturer slashed its vehicle prices in multiple markets over the weekend.