Tesla has raised prices on its entire line of electric vehicles. Prices are up 5 to 10 percent, with the cheapest car the company sells, the rear-wheel-drive Model 3, now starting at $46,990, while its top-of-the-line powered X Tri is up $12,500, $126,490 to $126,490. $138,990.
This is the second price hike Tesla has implemented in less than a week, after it increased the cost of some long-range models last Wednesday. However, today’s price hike is not only bigger than last week’s, but it’s spreading to every car the company sells.
Here’s how this increase happens (with old prices sourced from archived copies of the Tesla website via the Wayback Machine dated March 10 or later):
- Model 3 Rear drive: $44,990 to $46,990
- Model 3 Far range: from $51,990 to $54,490
- Model 3 performance: $58,990 to $61,990
- Model Y long range: from $59,990 to $62,990
- Model Y performance: $64,990 to $67,990
- Dual engine model S: $94,990 to $99,990
- Three Model S motors: from $129,990 to $135,990
- Dual Engine Model X: from $104,990 to $114,990
- X Tri Motor Model: from $126,490 to $138,990
Tesla and its chatty CEO Elon Musk have yet to comment on the new price hike, but a number of factors likely played a role. On Monday Musk tweeted that “Tesla and SpaceX have been experiencing significant inflationary pressures on raw materials and logistics lately” — U.S. inflation rose 7.9% this year due to higher energy, food and service costs, while raw material prices used to building electric vehicles (like steel, nickel and palladium) are skyrocketing in price due to Russia’s invasion of Ukraine.