Companies and Markets

Tesla Raises China Prices as EV Sales Tank in April


US carmaker Tesla has raised prices for its new Model S and Model X vehicles in China by 19,000 yuan ($2,751), its website showed on Friday.

The move came as data from the China Passenger Car Association (CPCA) showed the electric vehicle (EV) maker delivered 75,842 China-made electric vehicles (EVs) in April, down 14.7% from March.

The figure was however a huge jump from a year earlier, when the city of Shanghai – where Tesla has a factory – was in Covid-19 lockdown.


Also on AF: China’s Rapid Shift to EVs Hurting Japanese Carmakers


In April last year, the company delivered only 1,512 China-made Model 3 and Model Y cars in the world’s largest auto market.

Local rival BYD, with its Dynasty and Ocean series of EVs and hybrids, sold 209,467 vehicles in April, CPCA data showed, up 1.6% from March.

CPCA is expected to release more detailed China car sales figures for April next week.


Global price hikes

Tesla has cut prices in several markets globally and kickstarted a price war in China that since the start of the year has seen more than 40 local and international car brands join in.

The price cuts have lowered automakers’ earnings, with Tesla reporting a 24% plunge in first-quarter net income even though its quarterly global deliveries reached a fresh all-time high.

The EV giant has however this week moved in the opposite direction with the price rise in China. On Monday, it also raised prices of its two top-selling models – Model Y and Model 3 – by up to $290 in Canada, China, Japan and the United States.

Tesla is readying exports of a version of the Model Y to Canada this year from its Shanghai factory, the first time it will ship cars to North America from China.


  • Reuters, with additional editing by Vishakha Saxena


Also read:

Low-Priced China-Made Teslas to be Shipped to Canada

Tesla to Make Energy Storage Batteries at New Shanghai Plant

China’s EV Stars Leaving Global Auto Rivals in Their Wake

China EV Leader BYD Posts Five-Fold Quarterly Profit Leap

Tesla Facing US Lawsuit Over Alleged Privacy Intrusion



Vishakha Saxena

Vishakha Saxena is the Multimedia and Social Media Editor at Asia Financial. She has been working as a digital journalist since 2013, and is an experienced writer and multimedia producer. As an eager stock market trader and investor, she is keenly interested in economy, emerging markets and the intersections of finance and society. You can tweet to her @saxenavishakha


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