Tesla quietly raises costs on 4 of its EVs

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Tesla quietly raised costs of 4 of its electrical autos this weekend, a couple of days after the automaker introduced a report $1.6 billion revenue in its third quarter. First reported by Electrek, the bottom Mannequin 3 and Mannequin Y electrical autos are every priced $2,000 larger, at $43,990 and $56,990 respectively. As well as, the bottom Mannequin S and Mannequin X autos will every price $5,000 extra, at $94,990 and $104,990
Tesla had a banner third quarter regardless of the worldwide semiconductor scarcity that has plagued different carmakers. Tesla CEO Elon Musk stated in June that Tesla’s incremental worth hikes on the Mannequin 3 and Mannequin Y in the course of the first half of 2021 had been due largely to produce chain shortages. However the firm was in a position to rewrite its automobile software program so it might help alternate chips.
Different automotive corporations, together with Volkswagen, Ford, and Toyota haven’t been as lucky, taking measures like rising automobile costs and quickly shuttering factories to attempt to climate the chip scarcity.
Tesla hasn’t supplied a proof for the newest worth hikes, however firm CFO Zach Kirkhorn stated throughout its third quarter earnings name with traders that the elevated demand for electrical autos “caught us slightly bit off guard.”
“Typically, to the general public, our pricing adjustments could not appear to make logical sense,” Kirkhorn stated. “However, you understand, there’s a technique that we work behind the scenes as we’re balancing provide and demand, as we’re additionally making an attempt to stability varied shortages on components, as we’re making an attempt to handle wait instances. All of that goes into the optimization right here.”
Replace October twenty fourth 2:04PM ET: Added extra detailed quote from Tesla CFO.

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