Tesla (NASDAQ:TSLA) announced on Chinese social-media platform Weibo (NASDAQ:WB), Tuesday, that the electric automaker will increase the prices on its Shanghai-manufactured Model 3 and Model Y cars.
According to the post, the price to purchase a Tesla Model 3 has been raised by 1,500 yuan (equivalent to US$206), marking a 0.6% increase, resulting in a new price of 261,400 yuan. The entry-level version of the Model Y will now be priced at 266,400 yuan, marking a 0.95% increase or an increase of 2,500 yuan.
This latest announcement comes after two earlier increments within the past three weeks. Initially, Tesla boosted the price of the Model Y performance edition by 4% on October 27. Later, on November 9, the long-range versions of both the Model 3 and Model Y saw increases of up to 0.8%.
Grace Tao, Tesla's head of communications and government affairs in China, commented that the company frequently adjusts the prices of its domestically manufactured vehicles in response to production expenses.
Data from the China Passenger Car Association (CPCA) reveals that Tesla's Shanghai Gigafactory supplied 28,626 units to customers in mainland China in October, marking a decline of 34.2% compared to the previous month. This drop followed a 32.8% decrease in September.
Tesla delivered 378,800 vehicles in China from January to October, an increase of 62.2 per cent year on year, according to CPCA.
Shares of TSLA are up 1.78% in pre-market trading Tuesday morning.