Tesla Inc (NASDAQ:TSLA, ETR:TL0) has reportedly firmed up plans to increase the price of its Chinese-built Model Y vehicles, after unveiling hikes to those in the US and Europe over the weekend.
Prices of the electric SUV in China will be lifted by 5,000 Yuan (US$694.55) from April 1, as per Reuters, following around a year of aggressive cuts to stimulate demand on the back of heated competition.
This comes after Elon Musk’s electric vehicle giant said prices would be raised by €2,000 (US$2,177) in some European countries from this coming Friday, 22 March.
Hikes of US$1,000 are due from April 1 in the US meanwhile, from the current starting price of a Model Y of US$43,990, before US$7,500 in federal tax credits are applied.
Tesla had led the market with a string of price cuts last year, particularly in China, where it has faced mounting competition from the likes of BYD.
Such price increases in China will coincide with the end of other subsidies, meaning prices may actually rise as much as 23,000 Yuan, with the early release of news on hikes potentially a bid to encourage buyers currently on the fence.
Tesla shares climbed 0.9% to US$172.87.