For the fifth time in one month Tesla has adjusted its Model Y prices in China, this time raising the price of the Long Range (LR) variant by ¥2,000, or about C$383 or US$282. While the company has raised the price of the Model Y LR, it has also introduced several new incentives for the entry-level variants of the Model 3 and Model Y to boost sales before the end of the year.
Model Y Price Increase
According to an update to the Design Studio in China on Tuesday, the Model Y LR now starts at ¥306,400 (C$59,600, US$43,200). This is the fourth successive price increase for the LR variant in China, after the price was dropped by ¥14,000 to ¥299,900 in August. (h/t: @TslaChan)
Other Incentives
Tesla also launched several new incentives applicable to entry-level variants of the Model 3 and Model Y, as well as the Model S and Model X. According to a post on Tesla’s official Weibo account, if customers order and take delivery of a Model 3 or Model Y Rear-Wheel Drive (RWD) before the end of the year, they will receive an insurance subsidy worth ¥8,000, or about C$1,500 or US$1,100. This is the same deal Tesla offered just a few months ago in August.
Tesla also launched three other incentives on Tuesday:
- a low interest rate offer of just 2.75% on 3 and 5-year terms, which Tesla says is the equivalent of saving as much as ¥11,500 (C$2,200/US$1,600), applicable on all models
- a bonus referral discount of ¥1,750 (C$336/US$246), applicable to Model Y/S/X
- ¥2,000 (C$385/US$282) shopping card
The incentives come as Tesla is aiming to reach its annual delivery guidance of 1.8 million vehicles, a figure it reiterated in its Q3 2023 shareholder deck. At the end of September Tesla had delivered a total of 1,324,074 cars around the world, coming close to surpassing its delivery totals for all of 2022 (1,369,611). This leaves Tesla just 475,926 off its goal, a number which should be achievable given sequential growth from its 435,059 deliveries in Q3.
