EV giant $Tesla (TSLA.US)$ has increased prices on certain model vehicles in the U.S. for the second time since the onset of the month.
What Happened: In the U.S., Tesla increased both Model S and Model X prices by $1000, as per the company website.
The price of the Model Y vehicle was raised by $250 while the price tag on the Model 3 was left untouched.
Model Name | Current Price | Previous Price |
Model Y | $47,490 | $47,240 |
Model Y Long Range | $50,490 | $50,240 |
Model Y Performance | $54,490 | $54,240 |
Model X | $98,490 | $97,490 |
Model X Plaid | $108,490 | $107,490 |
Model S | $88,490 | $87,490 |
Model S Plaid | $108,490 | $107,490 |
Why It Matters: Last week, Tesla hiked the prices of its Model Y and Model 3 vehicles by $250 in the U.S. It also hiked prices in China, Japan and Canada.
The price increases follow a series of price cuts that started in January, which went as high as 19.7%. These cuts improved the first-quarter deliveries for the EV company and put pressure on competitors to lower their costs in response to the competition.
Tesla delivered 422,875 vehicles in total in the first quarter, 4.34% higher than its fourth-quarter tally of 405,278 units.
Despite the price hikes, Tesla vehicles are still priced considerably lower than at the beginning of the year.