Tesla Model Y Prices In China Just Got A Bit Pricier: Here's How Much It Costs Now

Tesla Inc TSLA is raising the prices of its Model Y vehicles in China after carrying out a series of price cuts earlier in the year to boost demand.

What Happened: Tesla’s China website indicated that the Elon Musk-led company jacked up the price of the Crossover vehicle by CNY 2,000 to CNY 261,900 ($38,567.45) on Friday (Beijing Time). 

Screenshot From Tesla China's Website

Previously, the Model Y vehicle sold in China for CNY 259,900 ($38,272.38), according to a cached version of the same webpage. This constitutes a price hike of nearly 0.8%.

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Why It Matters: The wait times for the Model Y in China rose after the company carried out price cuts in January.

At the time, Tesla also cut the prices of its Model 3 variants with the base model seeing a discount of nearly 28% in China.

The price cuts came after China sales slowed down to 55,796 units in December — a decline of 44% over the preceding month.

During the company’s fourth-quarter earnings call, Musk noted that the price cuts triggered a wave of demand. Musk said that Tesla was making “small price increases” on the strong demand.

Price Action: On Thursday, Tesla shares closed 3% higher at $207.32 in the regular session and slipped 1.6% to $204 in the after-hours trading, according to data from Benzinga Pro.

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