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Tesla raises price of Model 3, Model Y electric vehicles as surge in nickel cost makes batteries more expensive
- The Model Y and the Performance edition of the Model 3 went up in price by 10,000 yuan (US$1,582) in mainland China
- Tesla and its rivals could raise prices further if the costs of commodities continue to increase, says analyst
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Tesla raised the price of its Model 3 and Model Y electric vehicles (EVs) in China and the US, passing on the higher cost of lithium-ion batteries as nickel prices soar in global markets.
The US carmaker announced on Thursday that the Shanghai-made Performance edition of its Model 3 would be priced at 349,900 yuan (US$55,359), an increase of 10,000 yuan.
The price of the Model 3 basic edition remains unchanged.
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Its Model Y long-range and Performance versions both saw a price increase of 10,000 yuan. The long-range edition now sports a price tag of 357,900 yuan while the performance model will set buyers back 397,900 yuan.
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Electric carmaker Tesla under fire for opening Xinjiang showroom
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In the US, where Tesla moved its headquarters from Palo Alto, California, to Austin, Texas, last year, the prices of the Model Y sport-utility vehicle and Model 3 long-range sedan went up by US$1,000 each.
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