Tesla increases prices — base model now $46,990
Tesla Inc. raised prices on all its vehicles after Chief Executive Officer Elon Musk said costs were increasing at the companies he runs.
The cheapest Model 3 in the US is now $46,990 (R710,000 excl. import costs and taxes), according to Tesla’s website.
The company raised prices by 3% to 5% in both the US and China, Dan Levy, a Credit Suisse analyst, said in a note to clients.
Musk tweeted earlier this week that both Tesla and Space Exploration Technologies Corp. were seeing “significant” inflation in raw materials and logistics.
The electric car and rocket-making companies aren’t alone. The S&P GSCI Index — a commodity market benchmark — surged 20% the first five days of the month, the biggest weekly gain going back to 1970.
Tesla & SpaceX are seeing significant recent inflation pressure in raw materials & logistics
— Elon Musk (@elonmusk) March 14, 2022
This is Tesla’s second round of price increases in the last week.
The company raised the price of certain versions of the Model 3 and Y on 9 March in the US, followed by an increase for China-built vehicles in that market on 10 March.
Tesla shares fell as much as 1.3% to $756.57 as of 9:50 a.m. Tuesday in New York. The stock has dropped 28% this year.
Now read: All the electric cars you can buy in South Africa
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