Tesla has increased the prices of the Model 3 and Model Y in the U.S. and China. Stateside, the Model 3 Long Range and Model Y saw a price increase of $1,000, while the Chinese-built Model 3 and the Model Y price tags were both bumped by 10,000 Yuan (roughly $1,500) in China.
According to Tesla’s U.S. website, the new starting price of the Model 3 Long Range is now $51,990, up from $50,990. Similarly, both the Long Range and Performance variants of the Model Y have gone up, with the former starting at $59,900 and the latter at $64,990.
It would seem that it’s not just gas prices that are steadily creeping up thanks to rising tensions. The price of raw materials used abundantly in electric car manufacture has been surging the world over, on the back of uncertainty fueled by Russia’s invasion of Ukraine.
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Russia is the world’s third-largest producer of nickel. In the cold light of embargoes and sanctions, the price of this precious metal has increased by 100 percent. As noted by Electrek, Tesla’s price increases (in the U.S. at least) didn’t affect the base Model 3, a car whose battery uses an iron-phosphate battery. Nickel is, however, a crucial part of the construction of the energy-dense batteries used on the affected Tesla models.
The Model Y Long Range’s Price Is Up To 20% Up From Last Year
It’s the latest in a long line of price increments from Tesla. According to data from Reuters, throughout 2021, U.S. Model 3 and Model Y prices were increased around a dozen times. It translates into a rather grim 20 percent jump for the Model Y Long Range since January 2021 and a 10.6 percent raise for the Model 3.
Earlier this month, Rivian was forced to raise the prices of its R1T and R1S electric vehicles by around 20 percent. Meanwhile, Tesla has delayed the much-anticipated Cybertruck until 2023, and its promised $25,000 entry-level “Model 2” is on hold indefinitely.
