Tesla has announced another impending price increase, this time in China. The price increase will take affect on April 1, 2024, and will impact the Model Y produced at Giga Shanghai.
At the same time, the automaker has also launched several new incentives to boost end of quarter sales.
Model Y Price Increase
Until very recently Tesla always used to adjust their prices without an accompanying announcement. That changed last month when Tesla announced a temporary price cut on the Model Y in the US, dropping the price by US$1,000 for a little over two weeks.
The new pricing strategy appeared to have been successful, as the company announced a similar price increase for the Model Y in Canada one week before it was scheduled to take affect. Following that, the company announced two more price increases for the Model Y, one for the US and another for multiple countries in Europe.
These most recent price increases are set to take affect on April 1, 2024, and now you can add another country to the list where the Model Y will soon be more expensive – China.
On Wednesday the company confirmed with Reuters that the Model Y built at Giga Shanghai will be increasing in price by ¥5,000, or about C$943/US$694. Since the Model Y price increases in the US and Europe will impact the Rear-Wheel Drive (RWD), Long Range (LR), and Performance variants, we assume it will impact all three trims in China as well.
New Incentives
This isn’t the only end-of-quarter incentive Tesla has rolled out in China. The company is also offering an insurance subsidy on the Model 3 and Model Y RWD, worth ¥8,000 (C$1,500/US$1,100), a free paint upgrade for any Model 3/Y, and special financing rates as low as 1.99% for the Model 3/Y.
Tesla announced these promotions on the social media platform Weibo. (translated from Chinese)
