Tesla has increased the price of the basic Model Y in China by RMB 2,000 ($295) following a price cut for all China-made models last month. The updated starting price for the rear-wheel drive version of the Model Y is now RMB 261,900, up from RMB 259,900. However, the wait time for the vehicle remains unchanged at 2-5 weeks and pricing and specifications for the other versions of the Model Y and Model 3 have not been altered. Tesla operates a factory in Shanghai that produces both the Model 3 and Model Y. The company currently offers two versions of the Model 3 and three versions of the Model Y in China.
In January, Tesla significantly reduced the prices of the full Model 3 and Model Y lineup in China in response to the declining demand due to the slowing economy and increasing competition. The starting price for the entry-level Model Y was reduced by RMB 29,000 from RMB 288,900 to RMB 259,900, while the starting price for the entry-level Model 3 was reduced to RMB 229,900, down RMB 36,000 from RMB 265,900. This marked an all-time low starting price for the Model 3 in China.
See also: Tesla’s China Sales Surge in January with 66,051 Vehicles Sold including Exports
The expected delivery dates for both the rear-wheel drive Model Y and the dual-motor all-wheel drive Model Y Long Range were changed from 1-4 weeks to 2-5 weeks in January, while the expected delivery date for the Model 3 remained unchanged at 1-4 weeks. Last week, Tesla raised the prices of the Model Y Long Range and Model Y Performance in the US by $1,500 and $1,000, respectively.
According to data released by the China Passenger Car Association (CPCA), Tesla delivered 26,843 vehicles in China in January and exported 39,208 from its Shanghai plant. The Model 3 was the fourth best-selling new energy sedan in China, with 12,659 units sold at retail, while the Model Y ranked second for high-end SUVs with a starting price above RMB 300,000, selling 14,184 units. The Mercedes-Benz GLC sold 14,317 units in January, narrowly surpassing the Model Y for the top spot on the list, with a year-on-year decrease of 35.9 percent. Despite this, the Model Y remained the best-selling premium SUV in China in December and for the full year 2022, with 29,387 and 315,314 units sold, respectively.
