Tesla announced on May 5th that it would increase the prices of Model S and Model X by 19,000 yuan ($2,747) effective immediately in China. As a result, the starting price for Model S is now 808,900 yuan while the starting price for Model X is 898,900 yuan. This marks another price hike in China following Tesla’s previous adjustment on May 2nd.
The Model S and Model X are the only two Tesla models that have not been localized in China. They are expected to be delivered in the second quarter, and are positioned as high-end luxury cars.
Last month, the Auto Shanghai exhibition took place. Although Tesla did not participate, a rumor about price reductions for the Model 3 and Model Y vehicles surfaced during this time and gained attention. Reports stated that Tesla would reduce prices by 43,000 yuan for the Model 3 and 46,000 yuan for the Model Y. This adjustment would bring the lowest price of the Model 3 to 186,900 yuan – equivalent to high-end versions of BYD Qin Plus, GAC Aion, and XPeng P5. However, just as people were anticipating purchasing a Tesla vehicle at around 190,000 yuan due to these rumors, Tesla unexpectedly raised its prices again.
On May 2nd, Tesla raised prices on certain models in China. The rear-wheel drive and performance versions of the Model 3 increased to 231,900 yuan and 331,900 yuan respectively. Similarly, the rear-wheel drive version, long version, and performance version of the Model Y now cost 263,900 yuan, 313,900 yuan and 363,900 yuan respectively.
Tesla has also recently increased its prices in the United States, Japan, and Canada by $250, 37,000 yen, and $300 CAD respectively.