On June 14th, Tesla raised the price of the Model Y electric vehicle in the US market. The base version’s price increased from $47,490 to $47,740, a $250 increase, while the prices of other models remain unchanged.
This is the third time Tesla has raised the price of Model Y since April 19. In May, Tesla also raised the price of its Model S, X, and Y models by a single-digit percentage.
On May 2, the Model Y on sale in the Chinese market underwent a price adjustment, with an increase of 2,000 yuan. The base version is priced at 263,900 yuan, the long-range version is priced at 313,900 yuan, and the high-performance version is priced at 363,900 yuan. It is currently unclear whether the domestic Model Y will follow suit after the price increase of the Model Y on sale in the US market.
According to data from the China Association of Automobile Manufacturers, in May 2023, the wholesale volume of new energy passenger car manufacturers in China was 670,000, a year-on-year increase of 59%. In May, Tesla’s Shanghai Super Factory delivered more than 77,000 vehicles (including exports), with Model Y deliveries exceeding 50,000 vehicles, and China’s sales volume was 31,054. The China Association of Automobile Manufacturers has pointed out that “this price increase by Tesla is a good signal, reflecting the auto company’s attention to business quality, and is conducive to improving consumer wait-and-see mentality, allowing consumers to get rid of the expectation of price reductions and restore normal purchasing rhythms.”
We noticed that Tesla has been lowering prices globally since January this year to increase sales. The company’s CEO, Elon Musk, once stated that the company is willing to sacrifice profit margins for sales, but will also raise prices if possible. Even after today’s price increase, the price of the Model Y is still 4.5% lower than before April.
