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Tesla Hikes Model 3, Model Y Prices In US Yet Again

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Tesla Hikes Model 3, Model Y Prices In US Yet Again

Tesla Inc (NASDAQ: TSLA) has once again hiked the prices of some of its Model 3 and Model Y vehicles in the United States.

What Happened: The Elon Musk-led company’s latest price hike is a steep $1,000 for the Long Range editions of both Model 3 and Model Y, as per the company’s website.

The Price Hike: The Model 3 Long Range price now starts at $49,990 and the Model Y Long Range at $53,990.  

The estimated delivery time for Model 3 Long Range is 10 to 16 weeks, while for Model Y LR the company website doesn't give any estimated delivery time. 

See Also: Elon Musk Says Tesla EV Price Hikes Happening Due To Supply Chain Issues

Why It Matters: Musk had last month blamed industry-wide supply chain issues and parts shortages for the recent price hikes of the company’s electric vehicles.

Tesla CEO made the comments after customers complained about the price increases for the Model 3 and Model Y vehicles despite Tesla removing features such as the lumbar support on the passenger seat of the Model Y.

Loup Ventures Managing Partner Gene Munster had earlier this month said Ford Motor Co (NYSE: F) and Tesla will continue to face lower inventories for new vehicles due to the global chip and component shortages and the delivery time between two to three months for the Model 3 and Model Y.

Global supply chain issues, including the global chip shortage, have hit automakers the most, forcing them to halt production lines. Tesla had halted production at its Fremont, California, plant in February for two days because of what Musk called “parts shortages.”

Price Action: Tesla shares closed 0.92% lower at $649.26 on Thursday.

Click here to check out Benzinga's EV Hub for the latest electric vehicles news.

Photo: Courtesy of Tesla

 

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