Thursday, January 26, 2023
News Tesla Has Increased the Price of the Model 3 in the US...

Tesla Has Increased the Price of the Model 3 in the US Yet Again

The Tesla Model 3 is getting more expensive again, with a new increase of $1,000 and $1,500 on two of its versions.

2021 Tesla Model 3 | Photo: Tesla

  • The Long Range and the Performance version have both seen their price increase twice in less than a month

  • The Standard Range version is not affected

  • This latest increase could be due to the high nickel prices

Tesla continues with its frequent price increases, the latest of which affects the Long Range and Performance versions of the Model 3, which have seen respective increases of $1,500 and $1,000.

This new increase come less than a month from another one which added $2,500 to the price of the long range and $3,000 to the Performance’s. That increase also affected the company’s other models.

Since only two of the three Model 3 versions have seen a hike in price, it is possible that the latest increase is due to the high price of nickel, which is used extensively in the fabrication of the NCM batteries used in these two versions. The Standard Range Model 3 employs LFP batteries.

The strategy Tesla is employing to adjust the prices of its vehicles seem to be working, since despite the Model 3 Long Range now costing $6,000 or 12 percent more than it did three or four months ago, the brand’s sales have never been better.

This is in contrast with Rivian, who bumped the price of its vehicles up by 20% in one go and had to backtrack almost immediately due to customer outrage.

Interestingly, prices for the Model 3 in Canada don’t seem to have changed at the time of writing, with the Long Range selling for $71,990 and the Performance requiring $81,490, but there is a good chance that they will follow their American equivalents soon.

 

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