Over the past month, Tesla has made three price hikes in China, albeit for different models.
(Image credit: CnEVPost)
After three recent price hikes, Tesla is set to raise the prices of its models in China again next week, local media outlet Lanjinger said in a report today, citing industry insiders close to Tesla.
The report didn’t offer any more information, though it echoed another media report from earlier in the week.
On November 14, Auto Home, one of China’s largest automotive websites, cited a Tesla source as saying the Model 3 and Model Y will continue to increase in price in China.
Tesla has a factory in Shanghai that produces the Model 3 as well as the Model Y. The factory currently has an annual capacity of more than 950,000 vehicles, its largest in the world, according to the company’s third-quarter financial report released last month.
Scale deliveries of the locally produced Model 3 and Model Y in China begin in January 2020 and January 2021, respectively.
The Model 3 is currently offered in two versions in China — the entry-level version with rear-wheel drive, and the Model 3 Long Range version with dual-motor all-wheel drive.
The Model Y is offered in three versions in China — the entry rear-wheel drive version, the dual-motor all-wheel drive Model Y Long Range version, and the dual-motor all-wheel drive Model Y Performance version.
In the past month, Tesla has made three price hikes in China, albeit for different models.
On October 27, the Model Y Performance’s starting price in China was raised by RMB 14,000 to RMB 363,900 from RMB 349,900 yuan.
On November 9, the Model 3 Long Range increased its price by RMB 1,500 in China, and the Model Y Long Range increased its price by RMB 2,500.
The price increases are due to rising costs, and the specifications of the vehicles have not changed, local media Elephant News said on November 9, citing a Tesla customer service staff.
It’s normal for vehicle prices to go up and down, and if costs go down, prices may go down, the staff said.
On November 14, the price of the basic Model 3 rear-wheel-drive version went up by RMB 1,500, and the basic Model Y rear-wheel-drive version went up by RMB 2,500.
Tesla sold 72,115 China-made vehicles in October, of which 43,489 were exported and 28,626 were sold in China, according to the China Passenger Car Association (CPCA).
The Model Y sold 26,353 units in China in October, and the Model 3was at 2,273 units.
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