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Tesla, Inc. (NASDAQ:TSLA) walked the talk and raised prices of all variants of Model Y electric vehicles in China on April 1 as opposed to views from some quarters that the price-hike warnings were a gimmick.
What Happened: Updated pricing Tesla China’s website showed that the price of the three trims sold in the country – the rear-wheel drive, long-range all-wheel drive and performance variants has been raised by 5,000 yuan ($692), effective April 1.
The price adjustments are as follows:
The previous pricing was sourced from a CnEVPost story.
See Also: Everything You Need To Know About Tesla Stock
Why It’s Important: Tesla’s aggressive price cuts in China since late 2022 did not yield the desired effect of lifting volume growth but served only to start a price war in the country. The U.S. EV giant has found the going tough in China as the nimble domestic startups matched the price cuts. Warren Buffett-backed BYD Co Ltd. (OTC:BYDDY) (OTC:BYDDF) wrested the crown as the world’s biggest battery EV manufacturer from the Elon Musk-led company in the fourth quarter of 2023.
The price cuts have also impacted Tesla’s core auto margins in a big way and bullish analysts have called for stalling the price cuts and instead looking for other strategies such as advertising.
Expectations concerning Tesla’s first-quarter deliveries are muted as most forecast a rare year-over-year decline.
Tesla ended Thursday’s session down 2.25% at $175.79, according to Benzinga Pro data.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
