All four Teslas see price hikes, even for two of the brand's older models. More price increases could still come this year.
VCGGetty Images- All four Tesla models see price hikes, with one version of the Model X seeing an increase of $6000.
- On a percentage basis, the price increases are between 4.2% (for Model 3) and 4.9% (for Model X). The Model Y still starts at $67,440.
- The Tesla Model 3 and Model Y remain the automaker’s volume sellers, with the Model S and Model X having retreated to a more niche status over the past two years.
Unannounced price changes are nothing new for Tesla, but lately they all seem to be headed in one direction. The Texas-based EV maker raised prices across the board late this week, delivering on months of hints by CEO Elon Musk regarding supply-chain pressures and the cost of raw materials.
Fortunately for EV buyers, two of Tesla’s more affordable models received the smallest price hikes. That’s a good thing as the Model 3 and Model Y now account for over 95% of Tesla’s entire global output. Still, on a percentage basis, the price increases for all four models are comparable, falling between 4.2% for Model 3 and 4.9% for Model X.
The Model 3 Long Range sedan received a $2500 increase this week for a new starting price of $59,440. The Model 3 Standard Range was unaffected, kicking things off at $48,440. Clearly Tesla knows which side of its bread is buttered.
The Model Y received modest price hikes as well ($3000), with the Performance version now starting at $71,440, while the Long Range variant kicks things off at $67,440. That’s right: the long-range version of the Model Y is now nearly a $70,000 car. This could be a problem because it competes with other electric crossovers priced at or below $50,000, and also because it’s now the least expensive among two versions of the Model Y.
This price hike is perhaps the most consequential in this round, as Tesla sells quite a few Model Ys in the US and elsewhere.
If you’ve had your eye on a new Model X this whole time, you’ll have to budget an extra $6000, with the SUV now starting at $122,440. Perhaps the worst bit of news is that the delivery time for the Model X now stretches deep into 2023, unless you opt for the pricey Model X Plaid that you can have far sooner—in August of this year if you order one now.
The Model S did not escape a price hike either, with the Dual Motor AWD Long Range becoming $5000 more expensive to put in your driveway, having settled north of the $100,000 mark some time ago.
These are unlikely to be the last price changes for Tesla models this year, if previous intervals are any indication. The good news, if any, is that delivery times for popular vehicles like the Model Y are likely to get even shorter as the year progresses, due to the launch of Gigafactory Austin just weeks ago. Tesla’s European buyers will also see much shorter delivery times for most models, following the launch of Gigafactory Berlin earlier this spring as well. However, if you’ve been saving up for the Cybertruck and cannot be convinced to buy any other electric pickup currently offered by other automakers, you’ll have to wait at least a year, as Tesla is not expected to put that model into production until the end of 2023 at the earliest.
Keyword: Tesla Raises Prices Once Again This Year