Without citing any particular reasons, electric car manufacturer Tesla quietly hiked prices for U.S. customers.
The company’s Model Y Long Range car is now listed on their website as retailing for $65,990. That’s a $3,000 increase from its previous price of $62,990. And that’s not the only vehicle seeing a price increase.
Electrek, a website covering electric cars, reported increases in other Tesla models: a $3,000 increase for the Model 3 Long Range and a $5,000 hike for the Model S Dual Motor All-Wheel Drive Long Range. And the company’s Model X now lists for a whopping $120,990.
While neither the company nor its high-profile CEO Elon Musk have said what specifically contributed to the higher price tags, there are several well-known factors that manufacturers of all manner of products, and specifically automobiles, are dealing with.
Many of the raw materials that go into the creation of cars, including aluminum, have been subject to higher prices thanks to inflation and the supply chain woes that have affected the world the past two years.
Additionally, Musk has previously stated his intention to cut his workforce by 10% due to a “super bad feeling about the U.S. economy,” so a price increase isn’t that surprising.
It’s also part of a larger trend, with new car prices up 12.6% in May, according to federal government inflation numbers. And buying used isn’t any better. In fact, in many places its worse, with used cars up 16.1% over the past month.
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