Tesla will increase the prices of its popular Model Y versions in China. The American manufacturer of electric cars is once again adjusting its prices in the largest market for electric vehicles in the world, the ANP reports. In October, the company reversed previous price cuts in China.
After the price of the Model Y Performance SUV was increased on October 27, the prices of the other Model Y variants will now also follow suit. It is not yet known exactly when that will happen, a China-based Tesla representative told Bloomberg. It is not yet clear how much more expensive the car will be.
In recent months, Tesla has regularly lowered prices in China. According to Bloomberg, the fact that the company is now breaking this trend is related to an update that Tesla implemented last month on the Chinese-built version of the Model Y. The car received new alloys and a new interior finish.
The news follows the day after the announcement that Tesla continues to lower prices in the Netherlands. The Model Y is here in the simplest version, with rear-wheel drive and a WLTP range of 455 kilometers, now 2,000 euros cheaper. The car now has a starting price of 44,990 euros, which puts the compact SUV for private buyers exactly below the SEPP subsidy ceiling.
Tesla has a large factory in Shanghai and sparked a price war in China a year ago by lowering the prices of its models to boost sales. Many competitors on the Chinese market also reduced their prices.
Chinese electric carmakers such as Nio, XPeng and BYD were also under pressure on Chinese stock markets on Tuesday (Nov 7). This was partly because the Reuters news agency reported that Tesla plans to produce a new car in its German factory that will cost 25,000 euros. With the new model, which is considerably cheaper than the current Teslas, CEO Elon Musk wants to compete with cheaper Chinese and European car brands. Musk did not say when production will start.