Tesla has slightly increased the pricing of its best-selling EV Model Y in the United States, the company’s official website revealed. The all-electric crossover that won the world’s best-selling car crown a few days ago now sees a $250 price hike in the United States, bringing the car’s sticker price to $47,740, the automaker’s website showed. Pricing for the brand’s other EVs, however, remains unchanged.
Tesla has been raising prices on its best-selling vehicles for the past few months. The latest price hike is the third price hike for Tesla’s Model Y since April 19 this year, when the electric automaker last slashed prices on some of its vehicles in the U.S., ending price cuts that began in late 2019 The frenzy will last until the first quarter of this year in 2022, when a price war broke out in the global electric vehicle market. In May, Tesla again raised the prices of its electric vehicles, including the Model S, Model X and Model Y, by single-digit percentages.
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Interestingly, even after the latest price increase, introduced on Tuesday, the price of the Tesla Model Y is still 4.5% lower than the cost of the car before the price cut earlier in April 2023. However, the automaker did not disclose the reason behind this marginal price hike for the electric crossover.
Earlier this year, Tesla repeatedly slashed prices on all of its electric vehicles in a desperate attempt to drive sales after the brand’s stock market performance plummeted in 2022, slashing the company’s value. The car company’s chief executive, Elon Musk, has said Tesla is willing to sacrifice profit margins for volume, but also wants to raise prices again when possible to boost profitability.
First published date: Jun 14, 2023 at 10:28 AM CST