Tesla has increased prices for its entire range of electric vehicles. Prices are up 5 to 10 percent, with the company’s cheapest car – the Model 3 Rear-Wheel Drive – now starting at $46,990, while the top-of-the-line Model X Tri engine saw a price increase of $12,500, from $49.99. 126,490 to $138,990.
It’s the second price hike Tesla has made in less than a week after raising the cost of certain long-haul models last Wednesday† However, today’s price increases are not only more significant than last week’s, but apply to every vehicle the company sells.
Here’s how those increases play out (with old prices taken from archived copies of Tesla’s website via Wayback Machine, dated March 10 or later):
- Model 3 Rear-wheel drive: $44,990 to $46,990
- Model 3 Long distance: $51,990 to $54,490
- Model 3 Performance: $58,990 to $61,990
- Model Y Long Distance: $59,990 to $62,990
- Model Y Performance: $64,990 to $67,990
- Model S twin engine: $94,990 to $99,990
- Model S Tri-motor: $129,990 to $135,990
- Model X twin engine: $104,990 to $114,990
- Model X Tri-motor: $126,490 to $138,990
Tesla and its otherwise garrulous CEO Elon Musk have not yet commented specifically on the new price hikes, but a number of factors likely played a role. On Monday, Musk tweeted that “Tesla and SpaceX are seeing significant recent inflationary pressures in commodities and logistics” – inflation is up 7.9 percent in the US this yearcaused by the rising costs of energy, food and services, while the prices of raw materials used to build EVs (such as steel, nickel and palladium) are rising in price as a result of the Russian invasion of Ukraine.