Tesla Bumps Up Prices Of Model 3, Model Y EVs In China By Over $1,500

Tesla Inc TSLA on Wednesday hiked prices of some of its models in China, the Elon Musk-led electric vehicle maker’s website showed.

What Happened: The company raised prices of Model 3 and Model Y vehicles made at its Giga Shanghai plant by $1,582, as per the latest price updates.

Tesla has reportedly extended the delivery dates for its most affordable electric sedan Model 3 by four weeks in China.

Deliveries for the Model 3 sedan and the Model 3 Performance are expected to take place in an estimated 16 to 20 weeks, from an earlier 12 to 16 weeks, while for Model Y, it is 10 to 14 weeks.

Tesla did not respond to Benzinga’s request for comment at press time. CnEVpost first reported on the development.

See Also: Is Tesla Gearing To Begin Deliveries From Giga Berlin This Month?

Why It Matters:  This is the first price hike for Tesla in China this year. The EV maker had made increases in 2021 due to chip shortages and raw material costs. It has also raised the prices of its Model 3 and Model Y variants in the United States by $1,000.

The move comes at a time when nickel prices have skyrocketed to record highs amid a supply squeeze caused by the Russia-Ukraine conflict.

Tesla closed 2021 on a high with nearly one million electric vehicle deliveries and a record automotive gross margin of 29.3%, compared with 25.6% in 2020.

Price Action: Tesla stock rose 4.2% higher at $858.9 a share on Wednesday.

See Also: Why Tesla, Rivals Could Find It Tough To Launch Affordable EVs If Russia-Ukraine War Keeps Raging

Photo Courtesy: Tesla