Tesla Inc has once again increased pricing for all of its car models in the United States again again in response to ongoing global supply-chain issues and rising raw material costs.
The electric carmaker raised the price of its Vehicle Y long-range model to $65,990 from $62,990 on Thursday, after postponing deliveries of some long-range versions in the United States by up to a month.
The 5 per cent price increase comes as the cost of raw materials ranging from aluminium to lithium used in automobiles and batteries rises, while automakers struggle to get chips and other supplies owing to an industry-wide scarcity.
According to Credit Suisse, the price increase is the fourth in the United States in 2022. "While some concerned price hikes will destroy demand, for now Tesla remains supply constrained," the brokerage said.
Tesla CEO Elon Musk has previously stated that lithium is to blame for cost rises and is "a limiting constraint" in EV growth, urging automakers to enter the lithium market.
Rivian Automotive Inc has also upped the price of its base model by more than $10,000 for new orders.
Several automakers are anticipated to deliver electric vehicles to consumers for the first time in their rush to catch up to Tesla in the face of rising demand.
In recent weeks, Musk has expressed concern about the possibility of a recession. He had previously stated that he had a "very awful feeling" about the economy and that Tesla needed to eliminate 10% of its workforce.
The world's richest person, who is in the midst of purchasing Twitter Inc for $44 billion, is scheduled to speak to the social media company's staff later on Thursday.
Tesla shares were down roughly 4% in premarket trade, mirroring broader market losses.
(Source:www.latestly.com)
The electric carmaker raised the price of its Vehicle Y long-range model to $65,990 from $62,990 on Thursday, after postponing deliveries of some long-range versions in the United States by up to a month.
The 5 per cent price increase comes as the cost of raw materials ranging from aluminium to lithium used in automobiles and batteries rises, while automakers struggle to get chips and other supplies owing to an industry-wide scarcity.
According to Credit Suisse, the price increase is the fourth in the United States in 2022. "While some concerned price hikes will destroy demand, for now Tesla remains supply constrained," the brokerage said.
Tesla CEO Elon Musk has previously stated that lithium is to blame for cost rises and is "a limiting constraint" in EV growth, urging automakers to enter the lithium market.
Rivian Automotive Inc has also upped the price of its base model by more than $10,000 for new orders.
Several automakers are anticipated to deliver electric vehicles to consumers for the first time in their rush to catch up to Tesla in the face of rising demand.
In recent weeks, Musk has expressed concern about the possibility of a recession. He had previously stated that he had a "very awful feeling" about the economy and that Tesla needed to eliminate 10% of its workforce.
The world's richest person, who is in the midst of purchasing Twitter Inc for $44 billion, is scheduled to speak to the social media company's staff later on Thursday.
Tesla shares were down roughly 4% in premarket trade, mirroring broader market losses.
(Source:www.latestly.com)
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