EV giant Tesla Inc TSLA on Thursday hiked prices of all variants of its more premium offerings Model S and Model X in the U.S.
What Happened: While the Model X SUV now starts at $79,990 on Tesla’s website, the Model S sedan starts at $74,990. The starting price on the Plaid versions of the two vehicles has also been increased by $2000.
The new prices are now as follows:
| Model and Variant | New Pricing | Old Pricing |
| Model X All-Wheel Drive | $79,990 | $77,990 |
| Model X Plaid | $94,990 | $92,990 |
| Model S All-Wheel Drive | $74,990 | $72,990 |
| Model S Plaid | $89,990 | $87,990 |
Why It Matters: Tesla cut prices on these vehicles by $2,000 in April ahead of the company’s first-quarter earnings in April. The prices have now been restored to their start-of-the-year values in the run-up to the company’s second-quarter earnings scheduled for July 23.
The Model S and X are Tesla’s more premium vehicle offerings together with its stainless steel Cybertruck. In the second quarter, Tesla sold 21,551 units of Model S, X, and Cybertruck cumulatively, accounting for merely 5% of the company’s overall global deliveries. 95% of Tesla’s deliveries are of its mass-market offerings- Model 3 sedan and the Model Y SUV.
The company delivered 443,956 vehicles in the second quarter worldwide, marking a 4.8% drop from last year.
Price Action: Tesla shares closed up 0.3% at $249.23 on Thursday. The stock is up just 0.3% year-to-date, according to data from Benzinga Pro.
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Photo courtesy: Tesla
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