Tesla has implemented a series of price cuts on its cars. But it has recently started raising prices again.
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Tesla China raised the price of its more expensive Model S and Model X cars, its website showed on Friday, following hikes in its other vehicles a few days ago.
Elon Musk’s automaker raised the prices of both the models and their different versions by 19,000 Chinese yuan ($2,749).
The Model S is now priced at 808,900 yuan versus 789,900 yuan before. The Model S plaid is priced at 1,028,900 yuan, up from 1,009,900 before. The Model X is now priced at 898,900 yuan, up from 879,900 yuan earlier.
it comes after tesla Raised prices for its Model 3 and Model Y This week in other markets including China and the US
The price hike comes after Tesla cut prices in the last few months to boost demand.
Tesla CEO Musk hinted in April on the earnings call that the automaker will target higher margins versus larger volumes of sales, but said he expects the company “to be able to generate significant profits through autonomy over time.”
Tesla frequently adjusts its pricing to react to market conditions.
Tesla maintains the high price of its Model S and Model X in China to play in the premium segment of China’s electric car market.
But the US firm faces increasing competition in China from established players like BYD as well as upstarts like Nio. However in China, Tesla does not have major competitors in the Model S and Model X price range.