Tesla showing confidence in China: Third slight price hike in two weeks

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Tesla increased the price of Model Y Long Range AWD in China by 2,000 yuan (280 USD). This is the third price increase in a row in less than two weeks since November 9, when Tesla raised the price of Model Y LR by 2,500 yuan.

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Tesla sales staff told local media that the price adjustment is a ‘price correction’ following Tesla’s price cuts in August. Moreover, the production cost is rising, and price increases can continue in the future, the salesperson continued.

The current price of Model Y LR AWD in China is 304,400 yuan (42,930 USD), up from 302,400 yuan. Model Y has three versions in China:

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  • Model Y RWD: 266,400 yuan
    • 554 km CLTC range
    • 0-100 km/h in 5.9 seconds
  • Model Y AWD Long Range: 304,400 yuan
    • 688 km CLTC range
    • 0-100 k/h acceleration 5.0 seconds
  • Model Y AWD Performance: 363,900 yuan
    • 615 km CLTC range
    • 0-100 km/h acceleration in 3.7 seconds
    • top speed 250 km/h

Tesla started slowly increasing prices on October 27, when the top trim Model Y AWD Performance raised prices by 14,000 yuan (2,000 USD).

It was followed by a price adjustment on November 9, when Model Y AWD Long Range price rose by 2,500 yuan (350 USD).

A week later, on November 14, entry-level Model Y RWD also changed price 2,500 yuan up.

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The Model Y is not the only one getting pricier in China. The facelifted 2024 Model 3 (Highland) Long Range price was raised by 1,500 yuan (210 USD) on November 9, and next week on November 14, the RWD version was raised also by 1,500 yuan.

There are currently two versions of Model 3 in China; no Performance version was announced:

  • Model 3 RWD 261,400 yuan (35,800 USD)
    • 606 km CLTC range
    • 0-100 km/h in 6.1 seconds
  • Model 3 AWD Long Range 297,400 yuan (40,800 USD)
    • 713 km CLTC range
    • 0-100 km/h in 4.4 seconds

The prices of the Model 3 sedan and Model Y SUV are almost on par in China since the 2024 Model 3 was launched in September with a 12% higher price than the previous version.

This comes after months of EV price war in China, which started in November 2022 when Tesla slashed the prices of its lineup by 11% and continued in January when the US automaker cut the price by 13% on some models, effectively starting a domino effect as many local competitors had to follow the move.

Model Y, referred to in this article, is updated Model Y launched on October 1 in China. While the design remains mostly the same, it has more acceleration, better range, and some interior changes and ambient lighting.

Tesla sold 2,273 Model 3 and 26,353 Model Y in October in China.

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