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Report: Tesla mulls raising prices in China earlier than planned

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Report: Tesla mulls raising prices in China earlier than planned

Tesla Inc. is planning to raise prices of its electric cars in China by Aug. 30, earlier than the planned hike in September, Reuters reported Aug. 26, citing people familiar with the matter.

Earlier in August, the news outlet reported that the Silicon Valley-based electric-car maker is considering lifting the price of its vehicles in the country following the weakening Chinese currency.

Most recently, sources told Reuters that Tesla plans a further price increase in December if China implements a 25% tariff on U.S.-made cars and a 5% levy on auto parts.

"Tesla will also try to ship more cars to China before December, before the tariff hikes," one of the sources told the news outlet. In June, the Office of the U.S. Trade Representative reportedly denied Tesla's request to exempt Model 3 parts from the 25% tariffs on Chinese goods.

Reuters said a Tesla representative did not immediately respond to a request for comment.

In July, Reuters said Tesla slashed the price of its Model 3 in China to 355,900 Chinese yuan from 421,000 yuan. The carmaker's Model X starts at 790,900 yuan, while the base price for the Model S is at 776,900 yuan, the news outlet said at the time.

As of Aug. 26, US$1 was equivalent to 7.15 Chinese yuan.