Tesla raises prices of China-built Model Y by 8,000 yuan

Shanghai (Gasgoo)- Prices of the China-built Model Y's entire series have been raised by 8,000 yuan ($1,226) to 347,900 yuan ($53,312)-377,900 yuan ($57,910), Grace Tao, Tesla's vice president of external affairs, said on Mar. 24 via her Weibo account.

Model Y; photo credit: Tesla

It is noteworthy that the price adjustment does not come with any adjustment in vehicle equipment. The price rise is mainly due to the increase in manufacturing cost, an executive from Tesla said after being reached for comment. In addition, prices of the locally-produced Model 3 remain unchanged.

The China-made Model Y hit the market on Jan. 1, 2021 in two variants—the Long Range AWD (all-wheel-drive) and the Performance AWD. According to the sales website,  if consumers place orders now, they would take delivery of the Long Range AWD in the second quarter of 2021 and the Performance AWD from the third quarter.

For the month of February, consumers in China bought the MLI (Mandatory Liability Insurance for Traffic Accidents of Motor Vehicles) for 4,645 made-in-China Model Ys, a month-on-month leap of 136.15%, according to the China Insurance Regulatory Commission (CIRC). All vehicles are the Long Range AWD version.

In terms of the Feb. insurance registrations of the homegrown Model Y, the top 3 cities were Shanghai (2,814 units), Shenzhen (1,298 units) and Hangzhou (1,230 units), accounting for nearly 40% of the total monthly volume. Besides, there were nine cities—Beijing, Guangzhou, Chengdu, Chongqing, Suzhou, Xi’an, Wuhan, Wenzhou and Zhengzhou—all recording registrations between 300 to 1,000 units last month.