Tesla raises US prices for all its vehicles except Model 3 By Reuters

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Tesla raises US prices for all its vehicles except Model 3

Published May 11, 2023 11:01PM ET Updated May 12, 2023 01:20AM ET

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Tesla raises US prices for all its vehicles except Model 3

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By Shivani Tanna and Shubham Kalia

(Reuters) -Tesla Inc increased the U.S. prices of its Model S, X, and Y electric vehicles by low single-digit percentages on Thursday, though prices were still considerably lower than at the beginning of the year.

The company raised the prices for all variants of its higher-priced Model S and X vehicles by $1,000, while prices of all Model Y variants increased by $250, its website showed.

These represent an increase of about 0.5% to 1.1% since the last changes in price.

This is the second price hike for the Model S, Model X and Model Y cars since April 19, when Tesla (NASDAQ:TSLA) last cut prices for some of its cars in the U.S. There were no changes to the prices of its cheapest car, the Model 3, since the hike earlier in May.

Tesla has slashed prices globally since January, including six times in the U.S, seeking to drive volume. CEO Elon Musk has said the company is willing to sacrifice margin for sales volume but was also looking to move prices back higher, where it can.

Even after Thursday's price hike, the base models of S and X cars remain cheaper by 16% and 19% in the U.S. respectively, compared to the start of the year, while Model Y's long-range version is about 23% cheaper.

Model S is now priced at $88,490, while the Model X has a tag of $98,490. The performance versions of both these models are now worth $108,490. The prices of Model Y, its long-range and performance variants are $47,490, $50,490 and $54,490, respectively.

Separately, Tesla's Japan unit started accepting orders for its flagship sedan, Model S, and its sports utility vehicle Model X in the country on Friday, it said in a press release.

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Comments (1)

Jay Garrelts May 12, 2023 2:36AM ET

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A hundred grand for a car lol

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