After raising the prices of several models in China just last week, 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

DateModelPrev PriceChange (RMB)Change (%)Latest Price
20240112Model 3261,400-15,500-5.93%245,900
20240112Model 3 Long Range297,400-11,500-3.87%285,900
20240112Model Y266,400-7,500-2.82%258,900
20240112Model Y Long Range306,400-6,500-2.12%299,900
20231128Model Y Long Range304,4002,0000.66%306,400
20231121Model Y Long Range302,400 2,000 0.66%304,400
20231114Model 3259,900 1,500 0.58%261,400
20231114Model Y263,900 2,500 0.95%266,400
20231109Model 3 Long Range295,900 1,500 0.51%297,400
20231109Model Y Long Range299,900 2,500 0.83%302,400
20231027Model Y Performance349,900 14,000 4.00%363,900
20231019New Model 3NewNANA259,900
20231019New Model 3 Long RangeNewNANA295,900
20230814Model Y Long Range313,900 -14,000 -4.46%299,900
20230814Model Y Performance363,900 -14,000 -3.85%349,900
20230505Model S789,900 19,000 2.41%808,900
20230505Model S Plaid1,009,900 19,000 1.88%1,028,900
20230505Model X879,900 19,000 2.16%898,900
20230505Model X Plaid1,039,900 19,000 1.83%1,058,900
20230502Model 3229,900 2,000 0.87%231,900
20230502Model 3 Performance329,900 2,000 0.61%331,900
20230502Model Y261,900 2,000 0.76%263,900
20230502Model Y Long Range311,900 2,000 0.64%313,900
20230502Model Y Performance361,900 2,000 0.55%363,900
20230217Model Y Long Range309,900 2,000 0.65%311,900
20230217Model Y Performance359,900 2,000 0.56%361,900
20230210Model Y259,900 2,000 0.77%261,900
20230106Model 3265,900 -36,000 -13.54%229,900
20230106Model 3 Performance349,900 -20,000 -5.72%329,900
20230106Model Y288,900 -29,000 -10.04%259,900
20230106Model Y Long Range357,900 -48,000 -13.41%309,900
20230106Model Y Performance397,900 -38,000 -09.55%359,900
20230106Model SNewNANA789,900
20230106Model S PlaidNewNANA1,009,900
20230106Model XNewNANA879,900
20230106Model X PlaidNewNANA1,039,900
20221024Model 3279,900 -14,000 -5.00%265,900
20221024Model 3 Performance367,900 -18,000 -4.89%349,900
20221024Model Y316,900 -28,000 -8.84%288,900
20221024Model Y Long Range394,900 -37,000 -09.37%357,900
20221024Model Y Performance417,900 -20,000 -4.79%397,900
20220617Model Y301,840 15,060 4.99%316,900
20220617Model Y Long Range375,900 19,000 5.05%394,900
20220315Model 3265,652 14,248 5.36%279,900
20220315Model 3 Performance349,900 18,000 5.14%367,900
20220315Model Y Long Range357,900 18,000 5.03%375,900
20220315Model Y Performance397,900 20,000 5.03%417,900
20220310Model 3 Performance339,900 10,000 2.94%349,900
20220310Model Y Long Range347,900 10,000 2.87%357,900
20220310Model Y Performance387,900 10,000 2.58%397,900
20211231Model 3255,652 10,000 3.91%265,652
20211231Model Y280,752 21,088 7.51%301,840
20211124Model 3250,900 4,752 1.89%255,652
20211124Model Y276,000 4,752 1.72%280,752
20211119Model 3235,900 15,000 6.36%250,900
20211027Model S Long Range859,990 30,000 3.49%889,990
20211027Model X Long Range909,990 30,000 3.30%939,990
20210911Model Y Performance377,900 10,000 2.65%387,900
20210804Model S Long Range829,990 30,000 3.61%859,990
20210804Model X Long Range879,990 30,000 3.41%909,990
20210730Model 3250,900 -15,000 -5.98%235,900
20210716Model S Long Range799,990 30,000 3.75%829,990
20210716Model X Long Range849,990 30,000 3.53%879,990
20210708Model YNANewNA276,000
20210508Model 3249,900 1,000 0.40%250,900
20210324Model Y Long Range339,900 8,000 2.35%347,900
20210324Model Y Performance369,900 8,000 2.16%377,900
20210101Model 3 PerformanceNewNANA339,900
20210101Model Y Long RangeNewNANA339,900
20210101Model Y PerformanceNewNANA369,900
20201001Model 3271,600 -21,700 -7.99%249,900
20201001Model 3 Long Range344,050 -34,150 -09.93%309,900