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Tesla Reverses China Price Cut, Adding $2,000 to Model Y Variant

2023-10-27 11:17
Tesla Inc. raised the price of its Model Y Performance sport-utility vehicle by around $2,000 in China on
Tesla Reverses China Price Cut, Adding $2,000 to Model Y Variant

Tesla Inc. raised the price of its Model Y Performance sport-utility vehicle by around $2,000 in China on Friday, according to its local website, reversing a reduction made only in August.

The most advanced variant of the electric SUV now costs 363,900 yuan ($49,740), up from 349,900 yuan. Tesla had cut it from 363,900 yuan to 349,900 yuan two months ago.

Prices of the long-range and rear-wheel Model Ys were unchanged.

Tesla upgraded some features of the Model Y in China earlier this month to try to win over a bigger share of the world’s biggest electric-vehicle market. It also revamped its Model 3 sedan in September, including adding longer range.

Read More: Tesla Started a China Price War That May Destroy Some Carmakers

With signs of a slowdown in sales growth, EV makers in China have been engaged in an on-and-off price war over the past year, which Tesla initiated. The US carmaker has, however, periodically increased prices as well.

Tesla also raised the price of its Model Y Long Range all-wheel drive EV by $500 in the US, to $48,990 from $48,490, according to its website.