Tesla raises model prices amid global supply-chain shortage
Tesla CEO Elon Musk has been vocal about supply-chain issues and increasing inflation
Tesla raised its car model prices again in the U.S. as global chain-supply issues continue.
Thursday prices on the car site showed prices were hiked as much as $6,000, according to Electrek.
The largest price increase was on the Model X Dual Motor All-Wheel Drive, with its price tag jumping from $114,990 to $120,990. The Model S saw the second-biggest price hike of $5,000, going from $99,990 to $104,990. Tesla's most affordable option, the Model 3, had the smallest price hike of the lineup, going from $54,490 to $57,990.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 357.09 | +11.93 | +3.46% |
The recent price hike comes as raw material prices have soared, including the aluminum used in cars.
ELON MUSK SAYS TESLA ACCELERATING PRODUCTION OF MODEL Y VEHICLES AMID INCREASED DEMAND
A Tesla charging station in a company showroom features the manufacturer's logo in 2021. (Christophe Gateau/picture alliance via Getty Images / Getty Images)
A visitor sits in a Tesla Model S during the International Motor Expo in 2021 in Hong Kong. (Chukrut Budrul/SOPA Images/LightRocket via Getty Images / Getty Images)
Tesla had already increased prices in April and March of this year, also citing supply-chain issues and increasing inflation.
Chancellor Olaf Scholz talks to Elon Musk at the opening of the Tesla factory in Gruenheide, Germany, Tuesday, March 22, 2022. (Patrick Pleul/Pool via AP / AP Newsroom)
MUSK SAYS TESLA TO PAUSE HIRING, WANTS TO CUT 10% OF STAFF: REPORT
Tesla CEO Elon Musk has been vocal about rising inflation and the supply-chain crisis, prompting layoffs at the electric car company. Musk previously predicted a recession, saying it was "actually a good thing."
Elon Musk speaks at the Tesla Giga manufacturing "Cyber Rodeo" grand opening party in Austin, Texas, on April 7, 2022. (Suzanne Cordeiro/AFP via Getty Images / Getty Images)
CLICK HERE TO READ MORE ON FOX BUSINESS
CoinDesk exec Pete Pachal spoke with FOX Business host Maria Bartiromo, saying Musk's layoff announcement could be the "worst… in history" due to the "bad" economy.
Reuters contributed to this report.