Surging EV prices impede the shift to E-mobility.
Tesla China website showed the price of Model Y Long Range was CNY 394,900 (USD 58,940) on June 17, CNY 19,000 (USD 2,836) higher than one day earlier's price. And the vehicle would be delivered in 20 to 24 weeks.
One day before the adjustment, Tesla updated the prices in the US market, which Model X saw its price up by USD 6,000, the largest increase in the lineup. The price of Tesla's entry car, Model 3 Long Range, was also elevated by USD 2,500 to USD 57,990.
At the first quarter conference call, Elon Musk expected the price to hike by 20% to 30% this year due to persistent inflation and the uplift of supply chain costs.
The EV supply chain has experienced several rounds of price increases of raw materials like lithium and nickel in the last twelve months, which has caused the costs to make key components such as batteries sky high and carmakers to adjust prices accordingly.
China Passenger Car Association reported Tesla sold 32,200 vehicles in May. By comparison, domestic EV brand BYD delivered 113,768 cars.