Tesla will increase the prices of its popular Model Y versions in China. The move follows a model refresh in October.
The American electric car manufacturer is once again adjusting its prices in the largest and most competitive market for electric vehicles in the world. In October, the company reversed previous price cuts in China.
After the price of the Model Y Performance SUV was increased on October 27, the other Model Y variants will now follow suit. It is not yet known exactly when that will happen, a China-based Tesla representative told Bloomberg.
Tesla has a large factory in Shanghai and sparked a price war in China a year ago by lowering the prices of its models to boost sales. Many competitors in the Chinese market also reduced their prices.
On Tuesday, Chinese electric car makers such as Nio, XPeng and BYD were also under pressure on Chinese stock markets. This was partly because the Reuters news agency reported that Tesla plans to produce a new car in its German factory that will cost 25,000 euros.
With the new model, which is considerably cheaper than the current Teslas, CEO Elon Musk wants to compete with cheaper Chinese and European car brands. Musk did not say when production will start.