Tesla is planning to raise the price of the long-range versions of its Model 3 and Model Y in the Chinese market on November 9, 2023, according to Chinese automotive portal CnEVPost, citing an insider. The standard versions of both models might also see a price increase in the future.
This preemptive announcement of a price hike by Tesla is unusual. Analysts suggest it could be a strategy to encourage purchases before the increase. The Model 3 is currently offered in China in two versions: the rear-wheel drive entry version and the dual motor, four-wheel drive long-range version. The starting price is 259,900 yuan (about $35,680). The Model Y is available in three versions, starting at 263,900 yuan.
Tesla had already raised the price of the Model Y Performance in the Chinese market by 14,000 yuan on October 27, effectively reversing a price cut made in August.
As most traditional automakers have no room to lower the prices of their electric vehicles, Tesla’s price fluctuations are drawing attention for various reasons.
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