Share
June 16, 2022 10:36 AM, EDT

Tesla Increases Prices Up to $6,000 Across Lineup

TeslaA Tesla Model 3. (David Paul Morris/Bloomberg News)

[Stay on top of transportation news: Get TTNews in your inbox.]

Tesla Inc. has increased prices across its lineup by as much as $6,000, Electrek reported, as global automakers grapple with surging costs for raw materials, particularly battery components.

In at least its third hike this year, the electric car pioneer lifted the price of a long-range Model 3 by $2,500 to $57,990, Electrek said. The long-range Model X dual motor all-wheel drive was bumped up $6,000 to $120,990.

Chief Executive Officer Elon Musk said earlier this week that Tesla has weathered a “tough” past three months, facing a monthslong lockdown in Shanghai, the site of one of its most important factories, and supply chain snarls that have made keeping up production challenging.

“This has been a very tough quarter, primarily due to supply chain and production challenges in China,” Musk said in an email to employees over the weekend that was seen by Bloomberg. “So we need to rally hard to recover!”

 

See more transportation stock listings

In the first three months of the year, Tesla delivered 310,048 vehicles — a quarterly record that came in above analysts’ forecasts — as supply chain challenges were offset by accelerating EV adoption. Analysts are forecasting the company will deliver about 296,000 units this quarter, according to data compiled by Bloomberg.

In other price increases reported by Electrek:

  • The Model Y long range rose to $65,990 from $62,990.
  • Model Y performance rose to $69,990 from $67,990.
  • Model S dual motor all-wheel long range rose to $104,990 from $99,990.

Tesla shares rose 5.5% in New York trading June 15. The stock is down almost 34% this year.

With assistance from Ed Ludlow.

Want more news? Listen to today's daily briefing below or go here for more info: