by Morton E. . Nov 15, 2023
Image Credit: Tesla/X
Electric vehicle (EV) giant Tesla has implemented minor price increases for the Model 3 and Model Y Rear-Wheel Drive (RWD) variants in China, reflecting a dynamic pricing strategy in the world's largest auto market.
Effective immediately, the entry-level Model 3 RWD now starts at RMB 261,400 (approximately $35,800), a slight increase of RMB 1,500 from its previous price of RMB 259,900. Similarly, the Model Y RWD's starting price has been raised to RMB 266,400 (approximately $36,500), up from RMB 263,900.
These price adjustments come on the heels of similar price hikes for Tesla's Long Range Dual Motor All-Wheel Drive (AWD) variants last week. The Model 3 Long Range Dual Motor AWD now starts at RMB 297,400 (approximately $40,700), while the Model Y Long Range Dual Motor AWD starts at RMB 302,400 (approximately $41,400).
Why It Matters: Tesla's pricing strategy in China has been somewhat fluid in recent months, with the company lowering starting prices for the Model Y Long Range and Model Y Performance by RMB 14,000 in August. However, just two months later, on October 27, the Model Y Performance's starting price was raised back up by RMB 14,000.
Despite these recent price fluctuations, Tesla appears to be maintaining strong momentum in the Chinese market. In October, the company sold a total of 72,115 vehicles in China, with 43,489 exported and 28,626 sold domestically. The Model 3 contributed 7.94% to Tesla's October sales in China, while the Model Y accounted for an impressive 92.06%.
The Big Picture: China is a critical market for Tesla, and the company's recent price adjustments suggest that it is confident in its position there. The company may be testing the market's elasticity to price changes, and it will be interesting to see if these latest price increases affect demand for the Model 3 and Model Y RWD variants.
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