Tesla has once again increased the prices of all four vehicles in its lineup amid soaring demand for electric cars. The development follows multiple similar price hikes earlier this year, including two successive increases within less than a week in March. The steeper rise came in mid-March, when the company raised the prices of all its EV models by up to $10,000, citing increased input costs following the Russian invasion of Ukraine. Just days earlier, the company had raised the prices of each model in its lineup by $1,000. The successive hikes mean that none of Tesla’s offerings qualify for EV subsidies in California anymore.
Tesla is the world’s largest EV manufacturer, both in terms of market share and revenue. The company shipped nearly a million vehicles in 2021, with the numbers increasing every quarter. Tesla has also had an excellent start to this year, having delivered more than 310,000 units in Q1, 2022 – an almost 70 percent increase over the 184,800 units it delivered during the same period in 2021. Overall, the company expects a substantial increase in shipments this year amidst increasing gas prices and rising demand for electric vehicles.
As reported by Electrek, Tesla has raised the prices of all four vehicles in its portfolio, including the Model 3, Model Y, Model S and Model X. The maximum hike was reserved for the Model X, with its Dual Motor All-Wheel Drive Long Range model going from $114,990 to $120,990 following the increase. The pricing of the Model X Plaid, however, remains at $138,990 for now. As for the Model S, its Dual Motor All-Wheel Drive Long Range is currently priced at $104,990 — a $5,000 increase over the previous asking price of $99,900. Again, the cost of the Plaid version remains the same at $135,990.
Price Hikes For All Four Models
Taking a look at the two most affordable vehicles in Tesla’s lineup, the Model 3 Long Range is now priced at $57,990 — a $3,500 hike over the $54,490 that it was priced at earlier. The two other variants in the Model 3 lineup — the base RWD Model 3 and the top-end Model 3 Performance — have escaped the price hike for now. Finally, coming to the Model Y, the Long Range variant price has risen from $62,990 to $65,990, while the Model Y Performance has gone up from $67,990 to $69,990.
Tesla hasn’t given a reason behind the latest round of price hikes, nor has it officially announced it. However, the new prices are reflected in the configurator on the official Tesla website. It is worth noting that the increasing demand for EVs around the world is allowing Tesla to push its prices higher without any negative consequences. However, with the impending launch of newer and more affordable EVs like the $30,000 Chevy Blazer EV, Tesla might have to seriously consider rationalizing its prices in the coming months.