Tesla Increase Prices Again: How Much More Will Its EV Cost You?

Tesla (TSLA) has raised the prices of its electric vehicles once again following price increases in March and April amid global supply chain challenges.

The price hikes are as much as $6,000 on the EVs, following a modest increase two months earlier and a more significant jump three months ago, Electrek reported.

The price increases impacted Tesla’s Model X, Model S, and Model 3 EVs, with all three vehicles seeing their price tags rise as raw material costs surge.

The Model X Dual Motor All-Wheel Drive saw a price increase of $6,000, jumping from $114,990 to $120,990, while the Model S Dual Motor All-Wheel Drive Long Range rose $5,000 from $99,990 to $104,990, Electrek said.

The Model 3 Long Range saw a hike of $3,500, going from $54,490 to $57,990. The Model Y saw price increases on the Long Range ($62,990 to $65,990) and Performance ($67,990 to $69,990) configurations, according to the news outlet.

The news of the increases comes after multiple price jumps nearly every month in 2021 and a warning from CEO Elon Musk of possible layoffs due to rising inflation and supply chain issues.

According to Reuters, Musk emailed company executives earlier this month, saying that hiring needed to be paused worldwide and workforce needed to be cut by 10% as he had a “super bad feeling” about the economy.

Tesla employed 99,290 workers globally at the end of 2021, the news outlet said.

As of Thursday at 9:57 a.m. ET, shares of Tesla were trading at $656.45, down $42.55, or 6.09%.