Tesla raises price due to strong dollar

Updated 2016-11-25 14:02:38 chinadaily.com.cn

Tesla China announced Thursday that the company will raise the price of its Model X sedan and accessories starting Friday, the Shanghai Morning Post reported.

The announcement came just one day after Tesla increased the price of the Model S and its accessories, making Tesla the first automaker to raise prices in China due to the strong dollar.

The price of the Model X will increase between 56,700 yuan (00.98) and 79,700 yuan to 920,700 - 1,413,900 yuan, while the Model S will go up between 15,400 and 37,100 yuan to 688,900 - 1,315,200 yuan.

This is not the first time for Tesla to raise prices in China. Last September, due to forex fluctuation, the company raised the price of three Model S sedans, the 70D, 85D and P85D.

In October, the company also adjusted the price of some cars under the Model S and Model X due to configuration upgrades.

The automaker said it simultaneously adopted the global pricing policy, and the price is more obviously affected by forex fluctuation.

In the United States, Tesla announced on Nov 11 that the base price of the Model S will increase by ,000 to 0,000. However, Tesla didn't explain the reason, and there was no issue of foreign exchange in the U.S.. Affected by this move, the automaker's shares dived more than 4 percent on Nov 15.

Insiders said Tesla doesn't worry about sales decline resulting from the price hike. In fact, the company is facing a capacity crunch.

Last month, Tesla Motors Inc reported its first quarterly net profit in more than three years, buoyed by nearly 9 million in sales of clean car credits.

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