Tesla Hikes Prices In Both US, China For The Second Time Within A Week: All You Need To Know

Tesla Inc TSLA on Monday raised the prices of its electric vehicles in the U.S. and China, the second such hike in a week amid inflationary pressure on raw material and logistics.

Price Hikes In U.S.: Austin, Texas-based Tesla has raised prices for the entire lineup in the U.S. with hikes up to $12,500, the company’s website shows.

The Elon Musk-led EV maker bumped up the prices for Model 3 variants between $2,000 to $4,000 range.

The most affordable Model 3 RWD variant is now priced at $46,990 while the most expensive Performance variant is now available at $61,990.

The Model Y prices have been bumped up by $3,000 each. The Long Range is now priced at $62,990 and the Performance variant is priced at $67,990.

The Model S price hike is between $3,000 and $6,000. The Model S Long Range is now available at $99,990, while the Model S Plaid is priced at $135,990.

See Also: Tesla Rushes To Hike Prices Of Some Model 3, Model Y Cars In US Amid Surging Nickel Prices

The Model X has received the steepest price hike between $10,000 and $12,500. The Model X Long Range now costs $114,990 while the Model X Plaid is priced at $138,990.

Price Hikes In China: In China, Tesla’s latest price hikes are in the range of $2,195 per unit for the Model 3 and the Model Y, the company’s website shows.

The Model 3 rear-wheel-drive Model 3 and the Model 3 Performance are now priced at $44,784 and $58,864, respectively. 

See Also: Tesla Bumps Up Prices Of Model 3, Model Y EVs In China By Over $1,500

The Model Y Long Range price has been increased to $60,144, and the price of the Model Y Performance has now risen to $66,864. Tesla maintained the Model Y base version price.

Why It Matters: Tesla had late last week hiked prices by $1,000 in the U.S. and $1,582 in China, becoming the first automaker to raise prices significantly. 

Days later, Musk said Tesla and SpaceX were facing significant inflationary pressure on material costs and logistics. 

The moves also come in the backdrop of skyrocketing prices of nickel and other key materials used in EV batteries amid a supply squeeze caused by the Russia-Ukraine war.

U.S. oil prices also hit the highest level since 2008 on Thursday. 

Price Action: Tesla stock closed 3.6% lower at $766.4 a share on Monday.

Photo courtesy: Tesla