After raising the prices of several models in China just last week, Tesla is doing so again today, and with an even bigger price increase.
Tesla today raised the prices of most versions of the Model 3 and Model Y in China by RMB 14,000 ($2,195) - 20,000, just five days after the last price adjustment.
The latest prices for both versions of the Model 3 - the rear-wheel-drive Model 3 and the dual-motor all-wheel-drive Model 3 Performance - were raised to RMB 279,900 and RMB 367,900 respectively, according to information on Tesla's official website in China.
This is an increase of RMB 14,248 and RMB 18,000 respectively from the previous prices.
(The price of Tesla vehicles in China after the March 15 price adjustment.)
The core specifications of both models remain unchanged and the expected delivery date remains at 16 to 20 weeks.
Of the three versions of the Model Y, Model Y Long Range and Model Y Performance, the price of the entry version remains unchanged at RMB 301,840.
The price of the Model Y Long Range has been increased by RMB 18,000 from RMB 357,900 to RMB 375,900, and the price of the Model Y Performance has been increased by RMB 20,000 from RMB 397,900 to RMB 417,900.
The core specifications and expected delivery dates for all three Model Y versions also remain unchanged, with the expected delivery dates for Model Y being 10-14 weeks, Model Y Long Range being 16-20 weeks, and Model Y Performance being 12-16 weeks.
Tesla last increased prices in China on March 10, when it raised the prices of the Model 3 Performance, Model Y Long Range and Model Y Performance all by RMB 10,000.
(The price of Tesla vehicles in China after the March 10 price adjustment.)
Prior to that, on March 4, Tesla's China website updated the expected delivery dates for some models, with the Model 3 and Model 3 Performance expected to be delivered 16-20 weeks later, four weeks more than the previous 12-16 weeks.
Tesla's move may be related to the difficulty in meeting demand in terms of production capacity and a significant increase in raw material prices.
The 3-month nickel futures contract on the London Metal Exchange (LME) surged more than 110 percent to $101,365 a ton at one point last Tuesday, with a cumulative two-day gain of 250 percent due to Russian supply disruption concerns.
If nickel prices rise from $20,000 to $50,000 a ton, the raw material cost of nickel for an electric vehicle with a 60 kWh battery pack will increase by about RMB 10,000, said China-based brokerage firm CICC in a research note released last Wednesday.
At a nickel price of $50,000 per ton, the cost of a Model 3 with a 76.8 kWh battery pack rises by RMB 10,500, TF Securities said last Wednesday.
At a nickel price of $100,000 per ton, the cost of the Model 3 would rise by nearly RMB 28,000, according to TF Securities.
Tesla sold 5,6515 China-made vehicles in February, including 33,315 for export and 23,200 for local sales, according to data released last week by the China Passenger Car Association (CPCA).
Model Y retail sales in China were 18,593 units in February, making it the best-selling premium SUV in China in February, about twice as many as competing models from Mercedes-Benz, BMW and Audi.
Tesla China price changes
|Date||Model||Change (in RMB)||Latest Price|
|June 17, 2022||Model Y Long Range||↑ 19,000||394,900|
|Mar 17, 2022||Model Y||↑ 15,060||316,900|
|Mar 15, 2022||Model Y Performance||↑ 20,000||417,900|
|Mar 15, 2022||Model Y Long Range||↑ 18,000||375,900|
|Mar 15, 2022||Model 3 Performance||↑ 18,000||367,900|
|Mar 15, 2022||Model 3||↑ 14,248||279,900|
|Mar 10, 2022||Model Y Performance||↑ 10,000||397,900|
|Mar 10, 2022||Model Y Long Range||↑ 10,000||357,900|
|Mar 10, 2022||Model 3 Performance||↑ 10,000||349,900|
|Dec 31, 2021||Model Y||↑ 21,088||301,840|
|Dec 31, 2021||Model 3||↑ 10,000||265,652|
|Nov 24, 2021||Model Y||↑ 4,752||280,752|
|Nov 24, 2021||Model 3||↑ 4,752||255,652|
|Nov 19, 2021||Model 3||↑ 15,000||250,900|
|Oct 27, 2021||Model S Long Range||↑ 30,000||889,990|
|Oct 27, 2021||Model X Long Range||↑ 30,000||939,990|
|Sept 11, 2021||Model Y Performance||↑ 10,000||387,900|
|Aug 4, 2021||Model S Long Range||↑ 30,000||859,990|
|Aug 4, 2021||Model X Long Range||↑ 30,000||909,990|
|Jul 16, 2021||Model S Long Range||↑ 30,000||829,990|
|Jul 16, 2021||Model X Long Range||↑ 30,000||879,990|