Tesla hikes prices of Model Y in China

Electrical automotive maker raises costs in China for second time since value cuts in January.

Tesla gross sales in China fell by greater than two-thirds in February [File: Florence Lo/Reuters]

Tesla has raised the costs of the efficiency and long-range variations of its Mannequin Y mid-size sport utility automobiles (SUV) in China, in keeping with its Chinese language web site.

The electrical automotive firm raised the costs of the fashions by 2,000 yuan ($290) every to 311,900 yuan ($45,360) and 361,900 yuan ($52,600), respectively, data on the web site confirmed.

It's the second time Tesla has raised costs because it lowered costs of all Mannequin 3 and Mannequin Y vehicles in its second-largest market by 6-14 p.c in early January.

The worth cuts had stoked demand however the bump for the Mannequin 3 in China confirmed indicators of diminishing.

Gross sales of the Mannequin 3 quadrupled in January after its base value was lower by nearly 14 p.c. However for the primary week of February, gross sales have been down by greater than two-thirds from the tip of January, information from China Retailers Financial institution Worldwide confirmed. In distinction, Mannequin Y gross sales held regular.

Tesla additionally raised the worth of the efficiency model of Mannequin Y in the USA by $1,000 on Tuesday, whereas reducing the worth of the rear-wheel drive Mannequin 3 sedan by $500.