May 6, 2023: On Friday, Tesla increased the cost of its Model S and X cars, its website showed, after other hikes to its other vehicles a previous day.

Elon Musk’s automaker increased the prices by 19,000 Chinese yuan ($2,749) across the models and their various versions.

The Model S costs 808,900 yuan versus 789,900 yuan prior. The Model S Plaid has 1,028,900 yuan versus 1,009,900 before. The Model X currently costs 898,900 yuan versus 879,900 yuan back.

It comes after Tesla raised its Model 3 and Model Y price this week in China and different markets, including the U.S.

The price hikes come following Tesla cut prices over the previous few months to demand stock.

Tesla CEO Musk signalled in April on an earnings call that the automaker will target larger sales volumes versus higher margins. Still, it said he expects the company “over time will be able to generate huge profit through autonomy.”

Tesla adjusts its price to respond to market conditions.

Tesla maintains a higher price for its Model S and Model X to play in the premium segment of China’s E.V. market.

But the U.S. firm faces increasing competition in China from established players like BYD and upstarts like Nio. However, in China, there are no significant competitors to Tesla in the prices the Model S and Model X are in.