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Tesla has made a series of price cuts for its cars. But recently it has started raising prices again.
Shukrut Badrol | Soba photos | Light Rocket | Getty Images
Tesla It raised the prices of its more expensive Model S and Model X cars in China, its website showed on Friday, after further hikes for its other vehicles a few days earlier.
Elon Musk’s automaker raised prices by CNY 19,000 (US$2,749) across both the models and their variants.
The Model S now costs 808,900 yuan, versus 789,900 yuan previously. The Model S Plaid costs 1,028,900 yuan, versus 1,009,900 before. The Model X is now priced at 898,900 yuan, compared to 879,900 yuan before.
It comes after Tesla raised the price of the Model 3 and Model Y this week in China and other markets including the US
The price increases come after Tesla lowered prices over the past few months to stoke demand.
Musk, CEO of Tesla, indicated in April on an earnings call that the automaker would target higher sales volumes in return for higher profit margins, but said he expected the company “over time will be able to generate a significant profit through autonomy.”
Tesla frequently adjusts its price to respond to market conditions.
It seems that Tesla is maintaining a higher price for its Model S and X in China to play in the premium segment of the electric vehicle market in China.
But the US company faces growing competition in China from well-known players such as BYD as well as startups such as Nio. However, in China, Tesla has no major competitors in the price segment in which the Model S and Model X are.
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