Tesla has raised the prices of its electric vehicles for the second time within the month. After adding $1,000 to some long-range models last week, the automaker has now implemented a much larger price increase across its lineup. ace Electrek reports, its prices now start at $46,990 for the base Model 3, $2,000 higher than before. The Model 3 Dual Motor All-Wheel Drive is now $2,500 more expensive at $54,490, and the Performance version now costs $3,000 more at $61,990.
Tesla
Meanwhile, Model Y’s prices now start at $62,990, or $2,000 higher than before, for the Long Range version. Tesla has increased the Performance version’s pricing by $3,000, as well, which means it’ll now set you back $67,990. For both Model S options, Tesla has added $5,000 on top of their previous prices, so you’ll have to spend at least $99,990 for one. None of the other EVs got a price increase as big as the Model X, though, which now costs $10,000 more at $114,990.
Although Tesla has quietly raised prices overnight, the move didn’t come out of left field. On Twitter, company chief Elon Musk hinted at the possibility of a price hike. He said both Tesla and SpaceX are seeing “significant recent inflation pressure in raw materials [and] logistics.” He didn’t elaborate, but he linked to an article about commodity prices soaring due to fears over the shortage of raw materials that Russia exports.
One of the materials affected by the Russian invasion of Ukraine is nickel, with its prices soaring and more than doubling since the war started. Russia is a key supplier of the metal, which is a critical component of lithium-ion batteries used by Tesla and other EV manufacturers. In addition, Electrek says Tesla is experiencing a massive surge in new orders due to heightened interest in electric vehicles caused by the rise in gas prices.
Tesla & SpaceX are seeing significant recent inflation pressures in raw materials & logistics
— Elon Musk (@elonmusk) March 14, 2022
All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
