The Model Y with 7 seats recently saw a price increase from $2,500 to $3,000 by Tesla. This change in price comes as Tesla begins implementing price adjustments in both the United States and China for the year 2024. However, in the US, Tesla has not yet made any changes to the prices of their vehicles.
In contrast, Tesla’s vehicles in China have undergone significant price changes. The Texas-based automaker lowered the prices of the Rear Wheel Drive (RWD) and Dual-Motor All Wheel Drive (AWD) variants of the Model 3 by 3.87% and 5.93% respectively. Furthermore, the price of the Model Y RWD in China decreased from RMB 266,400 to RMB 306,400, and the Model Y Long Range Dual-Motor AWD dropped from RMB 258,900 to RMB 299,900.
Tesla’s price cuts in China have sparked a price war among other local electric vehicle (EV) manufacturers, with BYD being their main competitor in the Chinese market. Interestingly, Chinese automakers seem to be adopting a similar strategy as Tesla in Europe. They are selling their EVs in Europe at significantly lower prices, making it difficult for European car makers to compete.
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