Tesla Hikes Prices of Its China Best-Sellers

What’s new: Tesla Inc. has marked up the prices of two of its most popular models in China despite competition intensifying in the world’s largest electric-vehicle (EV) market as local rivals race to expand their offerings.

The hikes, effective Thursday, are on the long-range versions of the Model 3 sedan and Model Y SUV. The cars are now 1,500 yuan ($206) and 2,500 yuan more expensive, respectively, retailing at 297,400 yuan and 302,400 yuan, Tesla said in a social media post.