After months of repeatedly cutting prices, Tesla has raised the price of some of its EV offerings in China in a bid to stay competitive.
Tesla (NASDAQ: TSLA) has raised the price of its new Model S and Model X electric vehicles in China by 19,000 yuan ($2,751). On Friday, the company’s website reflected the increase in the prices of the product, which comes after it hiked prices for its other cars.
Tesla Model S and X EV will sell in China for 808,900 yuan and 898,900 yuan
As it stands, Tesla’s Model S costs 808,900 yuan, compared to its previous price of 789,900 yuan. In addition, the company’s Model S plaid variation also commands a higher purchase price of 1,028,900 yuan, compared to 1,009,900 earlier. In addition, Tesla’s Model X sports utility vehicle now costs 898,900 yuan, compared to its previous retail price of 879,900 yuan.
Earlier in the week, Tesla also hiked the price of its Model 3 and Y EVs in other markets including China and the United States. The hike in prices by the renewable energy-oriented multinational automotive company comes after its continuous price cuts. Over the past few months, Tesla slashed the prices of its popular EVs in a bid to inspire more demand amid an increasingly competitive space.
Tesla slashes the price of its Model 3 sedan and Model Y sports utility vehicles in the fourth quarter last years, continues to do past Q1 2023. After registering a meager delivery count late last year, the company saw the need to cut prices.
Musk on Tesla’s growth outlook
in tesla Q1 2023 Earnings Call, Chief Executive Officer Elon Musk The company will target higher sales volume than higher margins. However, Musk also said he expects his EV company to “generate significant profits through autonomy” over time. As the outspoken business executive said at the time:
“We have taken the view that pushing for higher volumes and larger fleets is the right choice compared to lower volumes and higher margins. However, we expect that over time our vehicles will be able to generate significant profits through autonomy. Will be
In addition, musk also Explained For Investors:
“We believe we are laying the groundwork here, and then it is better to ship a large number of cars at a lower margin and harvest that margin later in the future because we have full autonomy. This is an extremely important point .
The Tesla chief reported that the Model Y became Europe’s best-selling vehicle of any kind in the first quarter. He also revealed that the fully electric mid-size SUV was the best-selling non-pickup vehicle in the US during the same period. Musk noted that these achievements came despite production and distribution headwinds and commended the team. The CEO ended his address by saying that Tesla sought to build and sell as many cars as possible despite unfavorable macroeconomic parameters. Stating that now is a good time for the company to consolidate its dominance in the EV industry, Musk said he will remain growth-oriented.
For the first quarter of 2023, Tesla has delivered 422,875 vehicles, surpassing its previous record of 405,278 in the fourth quarter of 2022.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to strip crypto stories down to the basics so that anyone anywhere can understand without a lot of background knowledge. When he is not delving deep into crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
Bitcoin Crypto Related Post