Tesla has slightly increased the price of the base Model Y RWD in China. The company is adjusting the price in line with increased demand due to the recent, significant price cuts on all models and variants.
Tesla has raised the starting price of its popular Model Y in China. According to today's online configurator update on the website, the company has increased the price of the standard Model Y RWD by 0.8% to RMB 261,900 (about $38,580). This is an increase of RMB 2,000 from the previous price. Tesla has kept prices for other versions of the Model Y and Model 3 vehicles unchanged.
The slight price hike followed after the company launched aggressive price cuts in China and later around the world in early January. This spurred demand, causing a large wave of orders far exceeding Giga Shanghai's production capacity at the time. The move also kicked off what analysts are calling an EV Price War.
Due to increased demand, Tesla has planned to ramp up production at its China factory over the next two months to meet the growing number of orders. In January, the company's share in China's EV sector rose to 12.5% from 9% in December.
© 2023, Eva Fox | Tesmanian. All rights reserved.
We appreciate your readership! Please share your thoughts in the comment section below.
Article edited by @SmokeyShorts; follow him on Twitter
About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.