fbpx

Type to search

Tesla Raises China, US Prices for Model 3 and Y Cars

The EV maker raised prices for the most affordable versions of Model 3 and Model Y about a dozen times last year in the US


US electric car maker Tesla has raised its US retail prices, with the Model 3 long-range version's sticker price increasing by more than 3.5% to $57,990.
The Texas-based company blamed the increases on higher production and materials costs. Tesla car prices were last increased in March. File photo: Reuters.

 

Electric-car maker Tesla Inc raised prices on Wednesday of its US Model Y SUVs and Model 3 Long Range sedans by $1,000 each and some China-made Model 3 and Model Y vehicles by 10,000 yuan ($1,582.40), according to its website.

The company increased prices for the most affordable versions of Model 3 and Model Y about a dozen times last year in the United States, according to data tracked by Reuters.

The US price of the EV maker’s Model Y Long Range car has jumped 20% from January 2021, along with a 10.6% hike for its Model 3 Long Range sedan during the same period.

The move comes amid surging raw material costs, made worse by Russia’s invasion of Ukraine, and could set back the dream of Tesla chief executive Elon Musk and other auto executives to roll out more affordable electric vehicles.

Rising prices of nickel, lithium and other materials threaten to slow and even temporarily reverse the long-term trend of falling costs of batteries — the most expensive part of EVs — hampering the broader adoption of the technology, said Gregory Miller, an analyst at industry forecaster Benchmark Mineral Intelligence.

 

  • Reuters with additional editing by Jim Pollard

 

ALSO READ:

 

 

German State Greenlights $5.5bn Tesla Gigafactory

 

 

Panasonic Said to Plan US Battery Mega-Factory for Tesla

 

Tesla Seen Planning New Shanghai Plant, Doubling China Capacity

 

 

 

 

Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years and has a family in Bangkok.

logo

AF China Bond