Tesla issues price hike on China-made Model Y Long Range version

Shanghai (Gasgoo)- On November 21, Tesla announced a new round of price hike for its China-made vehicles- the fourth in just one month. In the latest round, the price of the Model Y Long Range edition has been raised by 2,000 yuan to 304,400 yuan.

The newest move means prices have gone up across the entire Model 3 and Model Y lineup over the past month on the Chinese Mainland.

Model Y; photo credit: Tesla China

Previously on October 27, the price of the Model Y Performance version was lifted by 14,000 yuan to 363,900 yuan.

On November 9, Tesla raised the prices of the Long Range versions of the Model 3 and Model Y, with the Model Y Long Range AWD going from 299,900 yuan to 302,400 yuan, while the refreshed Model 3 Long Range version increased by 1,500 yuan, from 295,900 yuan to 297,400 yuan.

Then on November 14, Tesla bumped up the price of the refreshed Model 3 RWD version by 1,500 yuan to 261,400 yuan, and lifted the price of the Model Y RWD by 2,500 yuan to 266,400 yuan.

Such frequent price hikes are very rare in the current Chinese market, where automakers have engaged in fierce competition to lower prices.

According to Tesla and related comments by industry insiders, the price increases have been driven by rising costs on one hand, and Tesla’s strong global demand outstripping supply on the other, making the company adjusted the pricing of its lineup based on basic market climates.