Tesla China Raises Prices of Model 3, China-Made Model Y RWD Versions
Xu Wei
DATE:  Nov 14 2023
/ SOURCE:  Yicai
Tesla China Raises Prices of Model 3, China-Made Model Y RWD Versions Tesla China Raises Prices of Model 3, China-Made Model Y RWD Versions

(Yicai) Nov. 14 -- Tesla has hiked the prices of the rear-wheel-drive versions of its Model 3 and China-made Model Y sports utility vehicle, its best-selling vehicle in the country.

The price of the Model 3’s RWD edition has increased by CNY1,500 (USD206) to CNY261,400 (USD35,840), Tesla’s Chinese unit announced on Weibo today. The cost of the Model Y’s RWD version has jumped by CNY2,500 to CNY266,400. 

The US electric carmaker confirmed to Chinese media outlet The Paper on Nov. 7 that it would be raising the prices of the RWD and long-range versions of the Model Y. The report came after Tesla bumped up the cost of the Model Y's high-performance version by CNY14,000 (USD1,923) on Oct. 27, just 10 weeks after the company had dropped it by the same amount.

Tesla also hiked the price of the Model Y's all-wheel-drive long-range version by CNY2,500 to CNY302,400 on Nov. 9, while that of the Model 3's long-range edition rose by CNY1,500 to CNY297,400. 

Evolution and updates of all versions of the Model Y wrapped up on Oct. 1, according to The Paper. The car’s interior added multi-color ambient lighting and an updated high-tech fabric used to decorate dashboards and front doors, with an updated 19-inch Gemini wheel hub design. 

Tesla sold 41,428 units of the Model Y in China in September, accounting for 95 percent of its sales in the country.

Earlier this year, Tesla slashed the prices of hot-selling series such as the Model 3 and Model Y in countries and regions such as China, Japan, South Korea, the United States, and Europe. That was the main reason for its high first-half sales growth. 

But the cuts squeezed Tesla's gross margin, shrinking it to 17.9 percent in the third quarter from 18.7 percent in the first six months. Net profit was USD1.9 billion in the three months ended Sept. 30, down 31 percent from the second quarter and 44 percent from a year ago.

Editor: Martin Kadiev

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Keywords:   Tesla China,Model Y