Following a modest rise in price that was implemented earlier in the week for its best-selling Model 3 and Model Y vehicles, Tesla increased the pricing of its premium models that are sold in China.
According to the website of the company, prices for all models of the Model S sedan and Model X sports utility vehicle were increased by CNY19,000. This equates to $2,750.
New beginning prices for these automobiles are now CNY808,900 and CNY898,900, respectively.
This move, along with price increases of $250 for its more popular models and price increases for the S and the X in the United States last month, marks a reversal from several rounds of aggressive cuts earlier in the year, which resulted in the company posting its lowest automotive gross profit margin in almost three years in the first quarter.
Both the Model S sedan and the Model X crossover SUV now have prices that begin at CNY808,900 and CNY898,900, respectively.
However, modifying the costs of Tesla’s higher-end vehicles has less of an impact on the company’s bottom line than changing the price of Tesla’s Model 3 or Model Y. This is because Musk has stated that Tesla’s two premium models are “of minor importance” to the company’s future.