Tesla raises prices of Model 3 and Model Y's long-range versions slightly in China

The price of the Model 3 Long Range has been raised by RMB 1,500 in China, while the Model Y Long Range has gone up by RMB 2,500.

(Image credit: CnEVPost)

Tesla (NASDAQ: TSLA) has made small price hikes to the long range versions of the Model 3 and Model Y in China, after a multi-day warming up.

Effective immediately, the price of the Model 3 Long Range has increased by RMB 1,500 ($206) in China, and the Model Y Long Range has increased by RMB 2,500, the US electric vehicle (EV) maker announced today on Weibo.

The Model 3 and Model Y are the models that Tesla builds at its Shanghai plant, and its other two more expensive models -- the Model S and Model X -- are not built in China.

The Model 3 is offered in two versions in China -- the entry-level version with rear-wheel drive, and the Model 3 Long Range version with dual-motor all-wheel drive.

The starting price of the Model 3 basic version remains at RMB 259,900, and the starting price of the Model 3 Long Range increased by 0.51 percent to RMB 297,400 today from RMB 295,900.

The Model Y is offered in three versions in China -- the entry rear-wheel drive version, the dual-motor all-wheel drive Model Y Long Range, and the dual-motor all-wheel drive Model Y Performance.

The starting prices of the entry Model Y and Model Y Performance are still RMB 263,900 and RMB 363,900, respectively, and the starting price of the Model Y Long Range has risen 0.83 percent from RMB 299,900 to RMB 302,400 today.

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 yuan.

This appears to be a rollback to Tesla's move on August 14, when it lowered the prices of both the Model Y Long Range as well as the Model Y Performance by RMB 14,000 in China.

While today's price hikes are small, Tesla has been warming up to the move for several days, seemingly aiming to push potential customers who are still on the sidelines to place orders.

Earlier this week, a number of Tesla salespeople said in their WeChat statuses that Model Y prices were about to go up in China, saying it was a continuation of the RMB 14,000 price hike for the Model Y Performance.

On November 7, local automotive media outlet Auto Home cited Tesla as saying that the company will raise the prices of the long-range versions of the Model 3 and Model Y in China on November 9, and that the prices of the standard-range versions of the two models may be raised in the future as well.

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 announced 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 a year ago, but down 2.64 percent from 74,073 in September, data released on November 2 by the China Passenger Car Association (CPCA) showed.

That includes 43,489 units exported and 28,626 delivered in China, according to the CPCA.

Tesla's share of China's new energy vehicle (NEV) market in October was 3.73 percent, and its share of the battery electric vehicle (BEV) market was 5.78 percent.

($1 = RMB 7.2804)

Tesla delivers 28,626 vehicles in China in Oct, exports 43,489 from Shanghai plant