Category: Electric

Tesla hikes Model 3, Model Y prices slightly in China

China / Electric / eMobility / eV / Price Change / Price Hike / Tesla / Tesla Price Change
May 2, 2023

Tesla's move could help dispel the wait-and-see sentiment of some potential consumers, which could benefit sales in the near term.

Tesla hikes Model 3, Model Y prices slightly in China-CnEVPost

Tesla (NASDAQ: TSLA) has raised prices for its entire Model 3 and Model Y lineup in China in a move that appears to be aimed at dispelling consumer wait-and-see sentiment.

Tesla has a factory in Shanghai that makes the Model 3 and Model Y, and their prices in China have all been raised by 2,000 yuan ($289), or less than 1 percent.

The company now offers two versions of the Model 3 in China -- the rear-wheel drive Model 3 and the dual-motor all-wheel drive Model 3 Performance -- and three versions of the Model Y -- the entry version Model Y, Model Y Long Range, and Model Y Performance.

The two versions of the Model 3 currently start at RMB 231,900 and RMB 331,900, respectively, and the three versions of the Model Y start at RMB 263,900, RMB 313,900 and RMB 363,900, respectively.

Expected delivery dates for all of these Tesla models remain unchanged from previous dates, with 1-4 weeks for both versions of the Model 3, 2-5 weeks for both the base Model Y as well as the Model Y Long Range, and 1-4 weeks for the Model Y Performance.

Last month, Tesla lowered the prices of the Model 3 as well as the Model Y in several markets around the world, raising concerns about whether it would lower prices in the Chinese mainland.

On April 15, Grace Tao, Tesla's vice president of external affairs, shared several charts on Weibo showing that all versions of the Model 3 and Model Y available in the Chinese mainland are priced lower than in all other markets.

Tao shared the charts without comment, although the move appears to suggest that Tesla won't be dropping prices in China in the near term.

Tesla's move today could help dispel the wait-and-see mood of some potential consumers, which could benefit sales in the near term.

The electric vehicle maker delivered 76,663 vehicles in China in March, and its Shanghai plant exported 12,206 units, according to the China Passenger Car Association (CPCA).

Retail sales of the Model 3 in China in March were 21,726 units and 54,937 units of the Model Y.

($1 = RMB 6.9121)

Tesla prices: Here's how Model 3 and Model Y compare in China vs other markets

Tesla China price changes

Date	Model	Prev Price	Change (RMB)	%	Latest Price
May 2, 2023	Model 3	229,900	+2,000	0.87%	231,900
May 2, 2023	Model 3 Performance	329,900	+2,000	0.61%	331,900
May 2, 2023	Model Y	261,900	+2,000	0.76%	263,900
May 2, 2023	Model Y Long Range	311,900	+2,000	0.64%	313,900
May 2, 2023	Model Y Performance	361,900	+2,000	0.55%	363,900
Feb 17, 2023	Model Y Performance	359,900	+2,000	0.56%	361,900
Feb 17, 2023	Model Y Long Range	309,900	+2,000	0.65%	311,900
Feb 10, 2023	Model Y	259,900	+2,000	0.77%	261,900
Jan 6, 2023	Model X Plaid	New	NA	NA	1,039,900
Jan 6, 2023	Model X	New	NA	NA	879,900
Jan 6, 2023	Model S Plaid	New	NA	NA	1,009,900
Jan 6, 2023	Model S	New	NA	NA	789,900
Jan 6, 2023	Model Y Performance	397,900	-38,000	-9.55%	359,900
Jan 6, 2023	Model Y Long Range	357,900	-48,000	-13.41%	309,900
Jan 6, 2023	Model Y	288,900	-29,000	-10.04%	259,900
Jan 6, 2023	Model 3 Performance	349,900	-20,000	-5.72%	329,900
Jan 6, 2023	Model 3	265,900	-36,000	-13.54%	229,900
Oct 24, 2022	Model Y Performance	417,900	-20,000	-4.79%	397,900
Oct 24, 2022	Model Y Long Range	394,900	-37,000	-9.37%	357,900
Oct 24, 2022	Model Y	316,900	-28,000	-8.84%	288,900
Oct 24, 2022	Model 3 Performance	367,900	-18,000	-4.89%	349,900
Oct 24, 2022	Model 3	279,900	-14,000	-5.00%	265,900
June 17, 2022	Model Y Long Range	375,900	+19,000	5.05%	394,900
Mar 17, 2022	Model Y	301,840	+15,060	4.99%	316,900
Mar 15, 2022	Model Y Performance	397,900	+20,000	5.03%	417,900
Mar 15, 2022	Model Y Long Range	357,900	+18,000	5.03%	375,900
Mar 15, 2022	Model 3 Performance	349,900	+18,000	5.14%	367,900
Mar 15, 2022	Model 3	265,652	+14,248	5.36%	279,900
Mar 10, 2022	Model Y Performance	387,900	+10,000	2.58%	397,900
Mar 10, 2022	Model Y Long Range	347,900	+10,000	2.87%	357,900
Mar 10, 2022	Model 3 Performance	339,900	+10,000	2.94%	349,900
Dec 31, 2021	Model Y	280,752	+21,088	7.51%	301,840
Dec 31, 2021	Model 3	255,652	+10,000	3.91%	265,652
Nov 24, 2021	Model Y	276,000	+4,752	1.72%	280,752
Nov 24, 2021	Model 3	250,900	+4,752	1.89%	255,652
Nov 19, 2021	Model 3	235,900	+15,000	6.36%	250,900
Oct 27, 2021	Model S Long Range	859,990	+30,000	3.49%	889,990
Oct 27, 2021	Model X Long Range	909,990	+30,000	3.30%	939,990
Sept 11, 2021	Model Y Performance	377,900	+10,000	2.65%	387,900
Aug 4, 2021	Model S Long Range	829,990	+30,000	3.61%	859,990
Aug 4, 2021	Model X Long Range	879,990	+30,000	3.41%	909,990
Jul 30, 2021	Model 3	250,900	-15,000	-5.98%	235,900
Jul 16, 2021	Model S Long Range	799,990	+30,000	3.75%	829,990
Jul 16, 2021	Model X Long Range	849,990	+30,000	3.53%	879,990
Jul 8, 2021	Model Y	NA	New	NA	276,000
May 8, 2021	Model 3	249,900	+1,000	0.40%	250,900
Mar 24, 2021	Model Y Long Range	339,900	+8,000	2.35%	347,900
Mar 24, 2021	Model Y Performance	369,900	+8,000	2.16%	377,900
Jan 1, 2021	Model Y Long Range	New	NA	NA	339,900
Jan 1, 2021	Model Y Performance	New	NA	NA	369,900
Jan 1, 2021	Model 3 Performance	New	NA	NA	339,900
Oct 1, 2020	Model 3	271,600	-21,700	-7.99%	249,900
Oct 1, 2020	Model 3 Long Range	344,050	-34,150	-9.93%	309,900

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Deutsche Bank on Apr China EV sales: Li Auto shines while NIO struggles

China / China EV Market Insight / Electric / eMobility / eV / EV Data / Insights / Monthly Data / Nio / Research Note
May 2, 2023

Edison Yu's team continues to expect most automakers to be aggressive, as market share is a top priority.

China's major electric vehicle (EV) makers announced their April deliveries yesterday, and Deutsche Bank analyst Edison Yu's team provided their take, as usual.

"April sales were generally better than feared for most OEMs we track with the exception of NIO who is struggling at the moment from both weak demand for its sedans and a major production platform transition for its SUVs," the team said in a note sent to investors yesterday.

Li Auto continues to impress, setting a monthly delivery record and showing continued strong traction for its three models in the premium SUV segment, the team said.

As a backdrop, Li Auto delivered a record 25,681 vehicles in April, surpassing the 20,000-delivery mark for the second consecutive month.

NIO deliveries fell further to 6,658 in April as the product switch continued. XPeng delivered 7,079 vehicles in April, essentially unchanged from March, and the company appears to be on the cusp of emerging from the mire of weak sales that lasted about one year.

Here is the full text of Yu's team's note.

April sales were generally better than feared for most OEMs we track with the exception of NIO who is struggling at the moment from both weak demand for its sedans and a major production platform transition for its SUVs.

Li Auto continues to impress, setting a record for monthly deliveries, demonstrating continued robust traction in the premium SUV segment with its 3 models.

XPeng's volume held in about flat MoM as new P7i ramps up.

Overall, we continue to expect most OEMs to be aggressive as market share is the #1 priority. Although there were no big price cuts announced at the Shanghai Auto Show, our view is that there is likely another wave of price cuts to come as industry demand remains soft.

Moreover, the price of lithium carbonate has dropped dramatically this year which provides more cushion on the gross margin side.

April OEM recap

Li Auto delivered 25,681 vehicles (+23% MoM, +516% YoY), beating our forecast and setting a new monthly record. This includes >10,000 units of the L7 in its first full month of deliveries (vs. 7,702 in March).

XPeng delivered 7,079 vehicles (+17% MoM; -55% YoY), slightly below our expectations. The P7i mid-cycle face-lift should help volume in May/June as management expressed confidence in the order book.

XPeng officially revealed the G6 at the Shanghai Auto Show last month and this will be the most important product for the company this year to grow sales (double current monthly sales by end of 3Q), set for late June deliveries.

NIO delivered only 6,658 vehicles (-36% MoM, +31% YoY), below our forecast. Demand for ET5 and ES7 appear to be getting weaker sequentially while the rest of the portfolio is undergoing a platform transition (except for ET7 getting an interior upgrade this month).

Deliveries of the new EC7 began on 4/28, a few weeks earlier than anticipated, suggesting operational execution is on track. The new ES6 is expected to begin deliveries toward end of May (NIO's best selling SUV model).

Zeekr delivered sales of 8,101 vehicles (+22% MoM; +279% YoY). The average order value for 001 shooting break sedan is 336k RMB and 009 luxury MPV is 527k. Zeekr's upcoming X model is expected to garner higher relative volumes with starting price of just 190k (deliver in June, targeting 40,000 units for 2023).

NIO deliveries fall further to 6,658 in Apr as product switch continues

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