Tesla boosts prices in China on some Model S and Model X vehicles
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Tesla (NASDAQ:TSLA) raised the prices of some Model S and Model X cars in China on Friday. The electric vehicle automaker uniformly hiked the prices by 19K Chinese yuan ($2,749) across most variants of the two models.
The Model S now lists for 808,900 yuan, while the Model S Plaid lists for 1,028,900 yuan and the Model X now costs 898,900 yuan.
Earlier in the week Tesla (TSLA) hiked prices by a small amount on the Model 3 and Model Y in Canada, China, Japan, and the United States.
The price hikes in Q2 follow Tesla (TSLA) recording its lowest automotive gross profit margin in more than two years during Q1. Despite the recent price increases, 16 of the last 18 EPS revisions from analysts on Tesla (TSLA) have been to the downward side.
Shares of Tesla (TSLA) moved up 0.88% premarket on Friday.
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