Tesla increases the price of vehicles by $3,000 with a 5 percent increase in inflation

RISING raw material costs and ongoing global supply chain issues have prompted Tesla to raise prices on all of its US models.

Tesla’s website revealed that its cars would receive a 5% price increase.

Tesla CEO Elon Musk is raising the prices of his company's vehicles


Tesla CEO Elon Musk is raising the prices of his company’s vehiclesPhoto credit: AFP-Getty

Tech Crunch reports Tesla’s updated prices as follows:

  • Tesla Model X: The Long Range Model X went from $114,990 to $120,990. That’s an increase of $6,000. The Model X Plaid’s price of $138,990 hasn’t been impacted yet.
  • Tesla Model S: The Long Range Model S went from $99,990 to $104,990 – a $5,000 increase. The plaid remains the same at $135,990.
  • Tesla Model Y: Both versions of Tesla’s most popular model gained. The long range shot from $62,990 to $65,990 and the performance from $67,990 to $69,990, up from $3,000 and $2,000 respectively.
  • Tesla model 3: The long range rose from $54,490 to $57,990 – an increase of $2,500.

Brokerage Credit Suisse said: “Some [are] Worried price hikes will crush demand,”

Elon Musk describes lithium as a cost-increasing factor and encourages automakers to enter the lithium business.

Most of today’s EVs (electric vehicles) use lithium batteries.

Inflation and production downtime, as well as China, are separate cost-influencing factors for Tesla.

Tesla’s earnings call for the first quarter included Musk’s statement that he believes inflation reports are undervalued and will likely run into 2022, Tech Crunch reports.

Tesla’s electric competitor Rivian Automotive increased the MSRP of its base model by more than $10,000.

Tesla’s price cut comes after Musk said he plans to cut 10% of the company’s jobs due to recession concerns.

This will be Musk’s company’s fourth price hike in 2022.

According to Tech Crunch, there were two major price increases for Tesla in March and a smaller increase on certain models in April 3.

Tesla revealed its latest price hike by updating its online configurator on Wednesday, Electrek reports.

Archived copies of Tesla’s website via the Wayback Machine show the price discrepancy.

Tesla stock is down 5.65% as of 10:35 a.m. EST.

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Chris Barrese

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