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Tesla raises car prices in China - Electrek


(Reuters) - Inc has raised prices on its Model X and S cars by over $20,000 in China, website reported on Monday, making it one of the first U.S. carmakers to hike prices in the wake of rising trade tensions.

slapped retaliatory tariffs on U.S. in response to Donald Trump's move to impose tariffs on $34 billion worth of Chinese goods.

has been banking heavily on to boost sales of its electric cars and had planned to build a factory in the country, which is also the largest automotive market.

The company in May slashed up to $14,000 off its Model X in after announced major tariff cuts for imported automobiles.

China contributed about 17 percent to Tesla's total revenue in 2017 and the an estimated 15,000 cars a year to the country.

The prices of the Model S and Model X were increased over the weekend by 150,000 yuan to 250,000 yuan ($22,600 to $37,600) depending on the version, reported.

did not immediately respond to a request for comment by

said on Thursday it would not hike prices on its imported cars for now, including those on higher-margin luxury models, crimping its profit margins on cars imported to China.

(Reporting by and in Bengaluru)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, July 09 2018. 17:06 IST