Tesla will raise the prices of the long-range versions of the Model 3 and Model Y in China on Thursday, November 9, local media quoted the company as saying.
(Image credit: CnEVPost)
Tesla (NASDAQ: TSLA) will raise Model 3, Model Y prices in China two days later, after information shared by multiple salespeople on social media sparked widespread discussion.
Tesla will raise the prices of the long-range versions of the Model 3 and Model Y in China on Thursday, November 9, and the prices of the standard-range versions of the two models may also go up in the future, local automotive media outlet Auto Home said, citing a source at the electric vehicle (EV) maker.
This is the first time that Tesla has previewed a price hike in China, a move that may be aimed at prompting potential customers who are still on the sidelines to place orders. Previously, Tesla usually displayed the hiked prices on its website or announced it directly on its social media platforms.
The Model 3 and Model Y are the models that Tesla produces at its Shanghai plant, and its other two more expensive models -- the Model S and Model X -- are not produced in China.
The Model 3 is currently offered in two versions in China -- a rear-wheel-drive entry version, and a dual-motor, all-wheel-drive Model 3 Long Range version -- with starting prices of RMB 259,900 ($35,680) and RMB 295,900, respectively.
The Model Y is offered in three versions in China -- the entry-level 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, which are currently priced at a starting price of RMB 263,900, RMB 299,900, and RMB 363,900, respectively.
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.
This appears to be a rollback of Tesla's move on August 14, when it lowered the price of both the Model Y Long Range as well as the Model Y Performance by RMB 14,000 in China.
Prices for other versions of the Model Y, as well as the Model 3, were unchanged in the October 27 price hike.
The planned new price hike also comes after Tesla made updates to the Model 3 and Model Y over the past two months.
Tesla unveiled the new Model 3, or Model 3 Highland, on September 1. Sales of the new Model 3 officially began in China on October 19, and on October 26, Tesla said deliveries of the new sedan had begun in China.
On October 1, Tesla launched the new Model Y with minor feature updates in China, adding improvements including multi-colored ambient lighting, a new dashboard trim panel, and new 19-inch wheels. On October 15, Tesla said that deliveries of the new Model Y had begun in China.
Tesla sold 72,115 China-made vehicles in October, up 0.57 percent from 71,704 in the same month last year, but down 2.64 percent from 74,073 in September, data released on November 2 by the China Passenger Car Association (CPCA) showed.
Breakdown sales figures for the Model 3 and Model Y in China in October are expected to be available in the coming days.
($1 = RMB 7.2841)