Following aggressive price cuts at the start of the year, Tesla Inc. has raised the starting price of its Model Y crossovers in China by 0.8% to 261,900 yuan ($38,577.11).
According to the price information published on the company’s Chinese website on Friday, Tesla increased the price for the rear-wheel drive version of the Model Y by 2,000 yuan from the prior 259,900 yuan.
According to Reuters, the American automaker intended to increase production at its Shanghai plant over the next two months to meet demand stoked by drastic price cuts on its best-selling models.
Based on industry data, Reuters calculated that its market share in China’s battery electric car market increased to 12.5% in January from 9% in December.
Other Model Y and Model 3 iterations continue to be priced the same by Tesla.
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