Tesla hikes price of high-end Model S and Model X in China by roughly $2,750

Tesla raised the prices of its more expensive Model S and Model X cars in China, its website showed on Friday, following other increases on its other cars a few days earlier.

Elon Musk’s automaker has raised prices by 19,000 Chinese yuan ($2,749) for both models and variants.

The Model S now costs 808,900 yuan, up from 789,900 yuan before. The Model S Plaid costs 1,028,900 yuan, up from 1,009,900 before. The Model X now costs 898,900 yuan, up from 879,900 yuan before.

It comes after Tesla raised the price of its Model 3 and Model Y this week in China and other markets, including the US

The price hike comes after Tesla cut prices over the past few months to boost demand.

Tesla CEO Musk signaled in April during an earnings call that the automaker would target higher sales volumes against higher margins, but said he expected the company “over time to be able to generate significant profit through autonomy’.

Tesla often adjusts its price to respond to market conditions.

Tesla appears to be maintaining a higher price on its Model S and Model X in China to play in the premium segment of China’s electric car market.

But the American firm faces growing competition in China from established players such as BYD as well as newcomers such as Nio. In China, however, Tesla has no major competitors in the price range that the Model S and Model X are in.