Tesla hikes prices of Model Y in China

Electric car maker raises prices in China for second time since price cuts in January.

Tesla has raised the prices of the performance and long-range versions of its Model Y mid-size sport utility vehicles (SUV) in China, according to its Chinese website.

The electric car company raised the prices of the models by 2,000 yuan ($290) each to 311,900 yuan ($45,360) and 361,900 yuan ($52,600), respectively, information on the website showed.

It is the second time Tesla has raised prices since it lowered prices of all Model 3 and Model Y cars in its second-largest market by 6-14 percent in early January.

The price cuts had stoked demand but the bump for the Model 3 in China showed signs of diminishing.

Sales of the Model 3 quadrupled in January after its base price was cut by almost 14 percent. But for the first week of February, sales were down by more than two-thirds from the end of January, data from China Merchants Bank International showed. In contrast, Model Y sales held steady.

Tesla also raised the price of the performance version of Model Y in the United States by $1,000 on Tuesday, while cutting the price of the rear-wheel drive Model 3 sedan by $500.

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