Tesla (TSLA) Raises EV Prices in US and China

Tesla (NASDAQ: TSLA) raised prices in the United States and China for the second time in just a few days as the carmaker faces intense inflation pressure.

The price hike comes as a result of rising costs of raw materials due to the ongoing war in Ukraine, said Tesla’s founder Elon Musk.

The automaker hiked prices for all its models in the U.S. and increased prices of Model 3 and Model Y vehicles by roughly 5% in China. The new price hike comes just five days after the last one.

In the US, Tesla increased prices with the cheapest option Model 3 now available at $46,990, $2,000 more expensive than earlier.

The Model 3 Dual Motor All-Wheel Drive soared $2,500 to $54,500, while the Model 3 Performance surged $3,000 to $61,990. Model Y at a base price now costs $62,990, up $2,000.

In China, the Model Y Long Range car now stands at 375,900 yuan ($58,952.68), 18,000 yuan more than it cost on March 10, when Tesla increased the price by 10,000 yuan.

The Model 3 Performance vehicle now costs 367,900 yuan, also up by 18,000 yuan.

By Senad Karaahmetovic | [email protected]

You May Also Be Interested In

• Tesla sales in Spain drop 78.8% in August
• This retail stock is a Top Pick at Jefferies
• William Blair Issues Conviction List for September