Tesla Increases Prices for Model 3 and Model Y Long-Range Vehicles in China

Price Hike Follows Earlier Cuts to Stimulate Demand; Tesla's Market Share and Deliveries Shrank in Q3 Amid Tough Competition and Plant Shutdowns

Tesla has increased the prices of its Model 3 and Model Y long-range vehicles in China, with the Model 3 version seeing a price increase of 1,500 yuan ($206), and the Model 3 Long Range's price rising by 2,500 yuan ($304).
The price hike comes after Tesla had previously cut prices in China earlier this year in an attempt to stimulate demand.
Tesla's deliveries of China-made EVs fell by 2.6% in October from a month earlier and were only 0.6% higher compared to the same period last year, leading to a shrinking market share of 9.89% in Q3 down from 12.98% in Q2.
After missing third-quarter estimates for gross margin, profit, and revenue, Tesla's share dropped by more than 5% on Thursday, but remained 70% higher year-to-date.
Despite the increase in price, the Model Y Long Range continues to be cheaper than October 2022 when Tesla first started cutting prices in China.