Tesla Raises Prices Across Entire Vehicle Lineup by Up to $6,000
Tesla increases the cost of its entire electric vehicle lineup, with the Model X seeing the highest jump of $6,000. The automaker attributes the ongoing price hikes to rampant inflation and severe supply chain constraints.
Tesla raises prices across its entire vehicle lineup, with some models experiencing increases of up to $6,000. The Long Range Model X sees the largest jump, moving from $114,990 to $120,990, while the Model S Long Range goes up by $5,000 to $104,990. The automaker's most popular vehicle, the Model Y, also becomes more expensive, with the Long Range and Performance versions increasing by $3,000 and $2,000 respectively.
This latest price adjustment marks another in a series of increases for the electric automaker this year, following multiple major hikes in March and a smaller adjustment in April. As usual, Tesla does not provide an official explanation for the higher costs. However, industry experts point to a combination of surging inflation, ongoing supply chain issues, and slowed production in China as the primary drivers behind the changes.
CEO Elon Musk recently warns that inflation is worse than officially reported and expects these economic pressures to persist throughout 2022. He also notes that global commodities supply constraints threaten to hamper future vehicle production. Despite the higher costs for consumers, Tesla's stock climbs 5.48% in after-hours trading following the news of the price updates.