Tesla raises China prices again on surging demand, SCMP says

[HONG KONG] Tesla raised the prices of 2 Shanghai-made models for the second time in just over a month amid soaring Chinese demand, the South China Morning Post (SCMP) reported.

The carmaker announced on Friday (Dec 31) a 3.9 per cent increase in the price of its entry-level Model 3 to 265,652 yuan (S$56,368) after subsidies, the paper said.

The basic edition of the Model Y sport utility vehicle will see a 7.5 per cent jump to 301,840 yuan and will cease to qualify for government subsidies for new energy vehicles below 300,000 yuan, according to the SCMP.

Tesla did not provide a reason for the new price increases, which came after a Nov 24 hike, the report said. BLOOMBERG