Tesla Model Y To Get Pricier In China: Report

EV giant Tesla Inc TSLA is reportedly gearing up to hike the price of its Model Y variants in the Chinese market.

What Happened: The performance version of the Model Y saw its price increase by 14,000 yuan in late October. The electric vehicle (EV) manufacturer now plans to revise the prices of other Model Y versions as well, though the exact timing is not yet known, Bloomberg reported, citing a Tesla representative in China.

While the Model Y rear-wheel drive is currently priced at 263,900 yuan, the long range version starts at 299,900 yuan and performance version at 363,900 yuan.

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Why It Matters: Last year, Tesla initiated a price war in China by cutting its EV prices when sales growth began to slow down. Other EV makers followed suit to keep up with the competition, paving the road for an intense price war in what is the world’s biggest auto market.

Though the Elon Musk-led EV giant has also increased prices intermittently, the vehicles remain cheaper than before the company commenced cutting prices.

Early in October, the company launched a refreshed Model Y in the geography with minor changes to its interior and exterior, including the addition of black 19-inch Gemini wheels. The prices, however, were kept unchanged.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

Tesla Model Y. Photo via Shutterstock