Tesla increases Model Y price in China after successful launch in the market

– Mar. 24th 2021 11:14 am ET

Tesla has increased the price of the Model Y electric SUV in China last night after a successful launch in the market.

In January, Tesla launched the Model Y in China.

The launch of the electric SUV was highly-anticipated since the electric crossover/small SUV segment is very popular in the market, and since Tesla was waiting on producing the vehicle at Gigafactory Shanghai before launching it in the country, the market was curious about the price point Tesla could hit.

The automaker ended up launching the Model Y at a lower than expected price of 339,900 yuan ($52,000) for the Long Range Dual Motor version, and the Model Y Performance version started at 369,900 yuan ($56,600).

It was a successful launch as the automaker delivered just over 1,600 Model Y electric SUVs in China in January and quickly ramped up to 4,630 Model Y deliveries in February.

As we previously reported, Tesla sold out the first quarter of planned production in just a few days, and Model Y is believed to already be putting pressure on competitors NIO and Xpeng.

Now, Tesla has decided to increase the price of both Model Y versions in China overnight:

Tesla increases Model Y price in China after successful launch in the market

The price have increased by 8,000 CNY, which is the equivalent of about $1,200 USD.

As usual, Tesla didn’t disclose the reason behind the price changes, but the automaker also made several price changes in the US and other markets in recent months.

Tesla’s Model Y production ramp-up at Gigafactory Shanghai is being followed closely by the market as it is expected to be the biggest contributor to the automaker’s growth in 2021.

The company has hinted at producing as many as 200,000 Model Y vehicles at the factory this year.

Gigafactory Shanghai could produce up to 450,000 vehicles in 2021.

The factory has already been a great success for the automaker, and now, it is trying to recreate that success at Gigafactory Berlin and Gigafactory Texas, which are currently both under construction and where Tesla plans to also produce the Model Y.

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Tesla is a transportation and energy company. It sells vehicles under its 'Tesla Motors' division and stationary battery pack for home, commercial and utility-scale projects under its 'Tesla Energy' division.