Tesla increases price of new Model S and X in China By Investing.com

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Tesla increases price of new Model S and X in China

Published May 05, 2023 08:10

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Tesla increases price of new Model S and X in China

TSLA

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002594

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According to the company’s website Friday, electric automaker, Tesla (NASDAQ:TSLA) raised prices on their Model S and Model X vehicles in China. The move follows hikes to its other vehicles three days prior.

The automaker raised prices by 19,000 Chinese yuan ($2,749) across both the models and their various versions. The Model S now costs 808,900 yuan versus 789,900 yuan prior. The Model S Plaid costs 1,028,900 yuan versus 1,009,900 yuan before. The Model X now costs 898,900 yuan versus 879,900 yuan before.

Tesla appears to be maintaining a higher price for its Model S and Model X in China to play in the premium segment of the country’s electric car market.

But the American automaker is facing increasing competition in China from established players like BYD (SZ:002594) as well as upstarts such as Nio (NYSE:NIO). However, in China, there are no major competitors to Tesla in the price category the Model S and Model X are in.

Additionally, data from the China Passenger Car Association (CPCA) showed Friday that Tesla delivered 75,842 China-made electric vehicles in April, down 14.7% from March.

Shares of TSLA are up 0.99% in premarket trading on Friday.

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Tesla increases price of new Model S and X in China

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