Mar 21, 2024 04:37 AM

BUSINESS

Tesla Increases Price of Model Y in China in Sign That Price War Is Easing

By An Limin and Han Wei

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Tesla’s Model Y was the best-selling vehicle in the world in 2023, according to automotive business data provider Jato Dynamics

Tesla’s Model Y was the best-selling vehicle in the world in 2023, according to automotive business data provider Jato Dynamics

Tesla Inc. will increase the price of its popular Model Y crossover by 5,000 yuan ($694) in China, a move that offers rivals a temporary reprieve as a raging price war engulfs the world's largest auto market.

The price rise on China-made Model Y vehicles will start on April 1, Tesla confirmed with Caixin Wednesday. Meanwhile, some of the extras offered by Tesla to its Chinese customers, including an 8,000-yuan insurance subsidy, will expire on March 31.

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