The prices of Tesla’s Model S and Model X cars have gone up in China, according to the company’s website on Friday.
The electric car manufacturer increased the prices by 19,000 Chinese yuan, or approximately $2,749, for both models and their various versions.
The Model S now costs 808,900 yuan, while the Model X costs 898,900 yuan. This is a significant increase compared to the previous prices of 789,900 yuan and 879,900 yuan respectively.
The move follows the company’s decision to hike the prices of its Model 3 and Model Y vehicles in China and other global markets, including the US, earlier this week.
Tesla had previously lowered its prices several times in an effort to boost demand for its vehicles amid the pandemic and the global chip shortage.
Despite the price increase, Tesla is expected to maintain a higher price point for its Model S and Model X cars in China, as it continues to target the premium segment of the country’s electric car market.
While the company is facing increasing competition in China from established players such as BYD and upstarts like Nio, there are no major competitors to Tesla in the price category in which the Model S and Model X cars are positioned.
The Model S and Model X cars are considered to be Tesla’s flagship vehicles that showcase its advanced technology and performance.
Tesla CEO Elon Musk indicated in April that the automaker will focus on achieving larger volumes of sales rather than higher margins, although he also stated that the company expects to generate significant profits through autonomy in the long run.
Tesla has a history of adjusting its prices in response to market conditions and customer feedback. The company claims that its pricing strategy is transparent and fair, and that it does not use discounts or incentives to manipulate demand.
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