Tesla (TSLA) increases price of new Model S and X in China
According to the company’s website Friday, electric automaker, Tesla (NASDAQ: TSLA) raised prices on their Model S and Model X vehicles in China. The move follows hikes to its other vehicles three days prior.
The automaker raised prices by 19,000 Chinese yuan ($2,749) across both the models and their various versions. The Model S now costs 808,900 yuan versus 789,900 yuan prior. The Model S Plaid costs 1,028,900 yuan versus 1,009,900 before. The Model X now costs 898,900 yuan versus 879,900 yuan before.
Tesla appears to be maintaining a higher price of its Model S and Model X in China to play in the premium segment of the country’s electric car market.
But the American automaker is facing increasing competition in China from established players like BYD as well as upstarts such as Nio (NYSE: NIO). However, in China, there are not major competitors to Tesla in the price category the Model S and Model X are in.
Additionally, data from the China Passenger Car Association (CPCA) showed Friday that Tesla delivered 75,842 China-made electric vehicles in April, down 14.7% from March.
Shares of TSLA are up 0.99% in pre-market trading on Friday.
By Michael Elkins | [email protected]