Tesla raises prices of Model S and Model X in China by $2,749

Tesla The company has raised prices for its more expensive Model S and Model X in China, the company’s website showed Friday.

Elon Musk’s automaker has raised prices by 19,000 Chinese yuan ($2,749) for both the model and its various versions.

The Model S is priced at 808,900 yuan now, compared to 789,900 yuan previously. The Model S Plaid is priced at 1,028,900 yuan, compared to the previous 1,009,900 yuan. The Model X now costs 898,900 yuan, up from the previous 879,900 yuan.

next to tesla Model 3 and Model Y price increases In other markets, including China and the US, this week

The price hike comes after Tesla has cut prices over the past few months to stimulate demand.

Tesla CEO Musk signaled in April In its earnings call, the automaker aims to sell more units than higher profit margins, but the company expects “over time autonomy will enable it to generate significant profits.” said that

Tesla frequently adjusts its prices according to market conditions.

Tesla appears to be keeping prices high for its Model S and Model X in China in order to compete in the premium segment of China’s electric vehicle market.

But the US company faces increasing competition in China from established players like BYD and start-ups like Nio. In China, however, Tesla has no major competitors at the price point where the Model S and Model X belong.