Tesla has raised the prices of select Model 3, Model Y, Model X, and Model S vehicles, Electrek reports. The largest price increase affects the Model X Dual Motor All-Wheel Drive version, which saw a $6,000 increase from $114,990 to $120,990, while the Model S Dual Motor All-Wheel Drive configuration increased by $5,000 from $99,990 to $104,990. Tesla’s most affordable car, the Model 3, was spared from the most severe increases.
One version of the Model 3 is seeing an increase, however. The Long Range version of the Model 3 increased in price by $2,500 from $54,490 to $57,990. However the price of the most affordable Model 3 version sold online, the Rear-Wheel Drive model, is staying the same at $46,990. That was the price it rose to during Tesla’s last major round of price increases in March.
The Long Range Model Y is also increasing from $62,990 to $65,990 (a $3,000 price increase), while the Performance model is up by $2,000 from $67,990 to $69,990.
Price increases like these have been relatively common across Tesla’s lineup in recent years. A year ago the company’s CEO Elon Musk blamed them on supply chain pressures, with the cost of raw materials particularly the global chip shortage proving problematic. This year, the manufacturer has to contend with inflation and transportation costs in the US rising and around the world putting upward pressure on its bottom line. Elon Musk has yet to comment (read: tweet) publicly about the latest price increases.
It was a very different situation just a few short years ago when Tesla was cutting the price of its most affordable Model 3 in an attempt to make it an affordable option for the mass-market. Now, though, the company’s prices are a long way away from the $35,000 starting price it was targeting for so many years.