Tesla has raised the prices of its premium models in China, after a small increase in the cost of its top models Model 3 and Model Y earlier in the week, according to Bloomberg.
All variants of the Model S sedan and Model X sport utility vehicle have been increased by 19,000 yuan ($2,750), according to the automaker’s website. These vehicles now start at 808,900 yuan and 898,900 yuan respectively.
The move, along with $250 increases for its most popular models and price hikes for the S and X models in the US last month, marks a partial reversal of several rounds of aggressive cuts since the start of the year that have that in the first quarter the company recorded the lowest gross profit margin in nearly three years for automobiles.
However, adjusting the prices of its flagship vehicles is less significant to Tesla’s financial results than adjusting the cost of the Model 3 or Y, with Musk saying the two premium models are “of minor importance” to Tesla’s future.
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