Shanghai (ZXZC)- Tesla is set to raise the prices of the China-made Model Y by 5,000 yuan from April 1, according to some media outlets, citing an internal source from the automaker.

In addition, the current 8,000-yuan official insurance subsidy and the paint discount policy of up to 10,000 yuan are due to expire on March 31. Thus, this price adjustment could see actual price increases of up to 23,000 yuan.

Model Y; photo credit: Tesla China

Currently, there are three variants of the 2024 Tesla Model Y for sale in China, with prices ranging from 258,900 yuan to 363,900 yuan. Launched in February this year, the model features the Hardware 4.0 (HW4) that contains ultra-long-range binocular cameras with a maximum detection distance of 424 meters, significantly enhancing its capability to detect changes in road conditions earlier. Additionally, the Model Y is equipped with seven cameras around the vehicle, each with a resolution of 5 million pixels, providing a 360-degree clear view of the surroundings. This improves the driving experience in scenarios like close-range parking, lane changes, and navigating narrow lanes.

In terms of power, the 2024 Model Y offers different versions with total electric motor outputs of 299 hp, 450 hp, and 486 hp, respectively. These power levels correspond to CLTC-rated ranges of 554 km, 688 km, and 615 km.

Tesla recently announced price increases in the North American and European markets, with the Model Y set to go up by $1,000 and €2,000 respectively from April 1.