Tesla China Poised To Raise Model Y Prices

Image Credit: Tesla Asia/X

Tesla China is reportedly poised to raise prices for its popular Model Y crossover, just weeks after increasing the cost of the Model Y Performance variant by RMB 14,000 (approximately $1,920), according to CNEV Post.

What's happening:

• Industry observers in China have noticed that multiple Tesla salespeople have posted on their WeChat social media platforms that the Model Y's price is set to rise in the country.
• Local news outlet Jiemian corroborated this information, citing a statement from Tesla China confirming plans to adjust prices for other Model Y variants.
• Tesla China currently offers three Model Y variants: the base Rear Wheel Drive (RWD), the Long Range Dual Motor All Wheel Drive (AWD), and the Performance.
• Current starting prices for the three Model Y variants are RMB 263,900 (around $36,200), RMB 299,900 (about $41,200), and RMB 363,900 (about $50,000), respectively.

Why it matters: The Tesla Model Y is the electric vehicle maker’s best-selling car. Following the rollout of the Model Y’s minor refresh, sales of the all-electric crossover appear to be hitting their momentum. WIth this in mind, Tesla may be rolling out a price increase for the Model Y to address consumer demand. 

In the same light, a Tesla Model Y price increase in China could also mean that the company is incentivizing car buyers to purchase the all-electric crossover now before the price increase is implemented. Tesla, after all, is looking to hit 1.8 million vehicles this year, so it needs to sell as many Model Ys as it can before the end of 2023.

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