SHANGHAI (Reuters) – Tesla raised prices of performance and long-range versions of its Model Y mid-size sport utility vehicles (SUV) in China on Friday, according to its Chinese website.
The starting prices of the two versions of Model Y in China increased by 2,000 yuan each to 311,900 yuan ($45,473) and 361,900 yuan, respectively, information on the website showed.
It is the second time that Tesla has raised prices since it had lowered prices of all Model 3 and Model Y cars in its second-largest market by 6% to 14% in early January.
The performance Model Y remains 9% cheaper than before the price cuts, while the long-range version is 13% cheaper.
The price cuts had stoked demand, but the bump for the Model 3 in China had showed signs of diminishing.
Sales of the Model 3 quadrupled in January after its base price was cut by almost 14%. But for the first week of February, sales were down by more than two-thirds from the end of January, data from China Merchants Bank International showed. In contrast, Model Y sales held steady.
Tesla also raised the price of the performance version of Model Y in the United States by $1,000 on Tuesday, while cutting the price of the rear-wheel drive Model 3 sedan by $500.
($1 = 6.8590 Chinese yuan)
(Reporting by Zhang Yan and Brenda Goh; Editing by Jacqueline Wong and Jamie Freed)
