Tesla Model Y Gets Another Price Hike

The automotive world is currently facing a number of crises, most notably the ongoing chip shortage, as well as general global logistic disruptions caused by the COVID pandemic. This has naturally led to long waiting periods and in some cases, increased prices. EV market leader Tesla has been increasing its prices rapidly in recent months to the point whereit's getting out of hand. Back in May, we reported that the prices of the Tesla Model Y and Model 3were going up by $500, but at that stage, the Model 3 was already $2,500 more than it was in March 2021. Then in August, Tesla once again announced price increases, this time for the Model Swhich saw a $5,000 jump. The latest from Tesla is that the Model Ywill get yet another increase, this time by $1,000, and delivery estimates are also being pushed out into 2022. Joy.

TheTesla Model Ywill now set you back $58,990 for the Long Range trim (before options), and the Performance model now goes for $63,990. These cars were previously priced at $57,990 and $62,990. This is the Model Y's second price increase in a month after Tesla recently announced a separate $1,000 increase. The constant price increases hint at Tesla's rising supply chain costs, which have been affecting the majority of car manufacturers in the last two years. Tesla CEO Elon Musk touched on this issue at the 2021 Annual Shareholder Meeting when he said "Our goal really is to make the cars as affordable as possible. We are seeing significant cost pressure in our supply chain, and so we've had to increase, at least temporarily. But we do hope to actually reduce the prices over time and make them more affordable."