Tesla Inc. raised the prices of its premium models in China, following a small increase in the cost of its top-selling Model 3 and Model Y earlier in the week.
(Bloomberg) — Tesla Inc. raised the prices of its premium models in China, following a small increase in the cost of its top-selling Model 3 and Model Y earlier in the week.
All variants of the Model S sedan and Model X sport utility vehicle were raised 19,000 yuan ($2,750), according to the automaker’s website. Those vehicles now start at 808,900 yuan and 898,900 yuan, respectively.
The move, together with $250 bumps in its more popular models and price hikes for the S and the X in the US last month, mark a partial reversal from several rounds of aggressive cuts earlier in the year, which saw the company post its lowest automotive gross profit margin in almost three years in the first quarter.
However, tweaking the prices of its higher-end vehicles is less meaningful to Tesla’s bottom line than adjusting the cost of the Model 3 or Y, with Musk having said the two premium models are “of minor importance” to Tesla’s future.
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