- Tesla has increased the cost of the Model 3 and Model Y EVs by $500, as revealed by a user on Twitter.
- This takes the Model 3 Standard Range+ pricing to $38,990, while the entry-level Model Y crossover will now cost $50,990.
- This is the fourth price change that the two EVs have undergone since the start of 2021.
Tesla has bumped the prices for non-performance versions of the Model Y crossover and the Model 3 sedan by $500, making it the fourth price increase for the two EVs just this year. Tesla investor Sawyer Merritt first spotted the price changes and shared the development on Twitter.
The new price increase brings the Model 3 Standard Range+ price to $38,990, while the dual-motor all-wheel-drive version of the EV will now cost $47,990. On the other hand, the cheapest version of the Tesla Model Y, which was priced at $50,490, will now cost $50,990.
Tesla first reduced the pricing of the Model 3 by $1,000 in February for the Standard Range+ and the dual-motor all-wheel-drive variants. However, this was quickly undone with a $500 price increase in early March and again not much later.
Teslarati speculates that the newest price increase could be due to the increasing demand for its EVs after it posted healthy production and delivery figures for Q1 2021, managing to deliver 184,800 EVs in the quarter.
The numbers were impressive as the automaker only delivered the Model 3 and Model Y in Q1 of 2021. While it did announce the refreshed Model S and Model X in January this year, the two EVs are yet to reach full production capacity. As a result, not a single unit of the refreshed Model Y or Model X was sold in the quarter.
Despite saying that the EV will be available in a few weeks after the announcement, the manufacturer appears to have hit some hurdles delivering it to the customers. Despite the new price increase, the entry-level Tesla Model 3 costs as much as the average cost of a car sold in the U.S.