Tesla China has once again denied a report claiming the company will soon drop prices on the Model Y made at Giga Shanghai.
According to a report from tech publication Huxui citing an anonymous source, Tesla is getting ready to drop the price on the Model Y by as much as ¥40,000 ($5,600 USD/$7,700 CAD). This would bring the Model Y to be priced between ¥270,000 and ¥290,000.
The speculation was that Tesla was dropping the prices on softening demand for the electric SUV, as supposedly evidenced by the shorter delivery wait times seen in recent weeks, now down to as little as one week for all variants.
The report is false however, according to a Tesla China employee that spoke with The Paper. The employee also confirmed that its customer service department had not received any news on lower prices coming to the Model Y.
The denial was also confirmed by Moneyball, a Tesla and Chinese automotive industry follower on Twitter.
Tesla: Reports on US #EV maker lowering Model Y RWD price by ¥ 40K to ¥ 270-290K are false.
— Moneyball (@MoneybaII_R) September 30, 2022
For anyone not following the recent developments in China and Giga Shanghai, the shortened delivery wait times is not the result of softening demand, but due to production line upgrades at Tesla’s factory.
Prior to the upgrades Giga Shanghai had an annual production capacity of 750,000 vehicles. Now the factory can produce over 1 million cars per year.
The upgrades have already translated into a new production record at the factory in August.