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Home / Business / Tesla to raise prices in China on August 30, may increase again in December: sources

Tesla to raise prices in China on August 30, may increase again in December: sources



FILE PHOTO: A Tesla Car Sees in Santa Monica, California, USA, October 23, 2018. REUTERS / Lucy Nicholson / File Photo

SHANGHAI (Reuters) ̵

1; United States Electric Vehicle Manufacturer Tesla Inc ( TSLA.O ) will raise prices in China on Friday, earlier than planned, and is considering raising prices again in December if Chinese tariffs on US-made cars come into effect, said people familiar with the matter.

The people refused to be identified because the plan has not been made public. A Tesla representative did not immediately respond to Reuters request for comment Monday.

The company is among many influenced by Chinese trade friction. It is currently importing all cars it sells in China and has had to adjust prices several times over the past year due to tariff changes.

Reuters reported this month that Tesla was considering raising prices in China from September after the yuan depreciated significantly against the US dollar. One person told Reuters on Monday that the carmaker submitted those plans until August 30.

Both people said the carmaker is now also throwing a new price hike in December after China's Commerce Department last week announced that they would reintroduce tariffs of 25% on vehicles and 5% on car parts it suspended in December, in the latest escalation of trade war.

"Tesla will also try to send more cars to China before December, before the tariff hikes," one of the people said.

Reporting by Yilei Sun and Brenda Goh; Editing by Christopher Cushing

Our Standards: Thomson Reuters Trust Principles.

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