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Tesla is raising the prices of some Model Y versions in China

Tesla is raising the prices of some Model Y versions in China

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SHANGHAI — Tesla raised prices for performance and long-range versions of its Model Y mid-size sport utility vehicle (SUV) in China, according to its Chinese website on Friday.

The starting prices of the two versions of the Model Y in China rose by 2,000 yuan each to 311,900 yuan ($45,473) and 361,900 yuan, respectively, information on the website showed.

It’s the second time Tesla has hiked prices, after cutting prices of all Model 3 and Model Y models in its second-largest market by 6% to 14% in early January.

The performance Model Y remains 9% cheaper than before the price cuts, while the long-haul version is 13% cheaper.

Price cuts had fueled demand, but the Model 3 bump in China had shown signs of slowing down.

Sales of the Model 3 quadrupled in January after the base price was reduced by nearly 14%. But in the first week of February, sales fell by more than two-thirds from the end of January, data from China Merchants Bank International showed. In contrast, Model Y sales remained stable.

Tesla also increased the price of the performance version of the Model Y by $1,000 in the United States on Tuesday, while reducing the price of the rear-wheel-drive Model 3 sedan by $500.

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