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Tesla hikes China, US prices for Model 3 and Model Y cars

CNA – Electric vehicle (EV) maker Tesla Inc on Wednesday raised prices of its United States (US) Model Y SUVs and Model 3 Long Range sedans by USD1,000 each and some China-made Model 3 and Model Y vehicles by CNY10,000 (USD1,582.40), according to its website.

The company increased prices for the most affordable versions of Model 3 and Model Y about a dozen times last year in the US, according to data tracked by a news agency.

The US price of the EV maker’s Model Y Long Range car has jumped 20 per cent from January 2021, along with a 10.6-per-cent hike for its Model 3 Long Range sedan during the same period. The move comes amid surging raw material costs, made worse by Russia’s invasion of Ukraine, and could set back the dream of Tesla Chief Executive Elon Musk and other auto executives to roll out more affordable EVs.

Rising prices of nickel, lithium and other materials threaten to slow and even temporarily reverse the long-term trend of falling costs of batteries – the most expensive part of EVs – hampering the broader adoption of the technology, said analyst at industry forecaster Benchmark Mineral Intelligence Gregory Miller.

A man looking at a Tesla Model X sport utility vehicle at its new showroom in Shanghai. PHOTO: CNA

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