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• Price of Tesla Model X dual-motor AWD long-range price jumped highest
• Hike comes as costs of raw materials surge and global shortage of semiconductors
Tesla Inc (NASDAQ: TSLA) again hiked the prices across its entire lineup, with some models going up by as much as $6,000 in the United States amid ongoing global supply-chain issues and soaring raw material costs.
The Model 3 has the smallest price increase of all Tesla’s lineup, with its long-range variant price going from $54,490 to $57,990.
The EV-maker increased Model Y’s long-range price to $65,990 from $62,990, and the performance variant went from $67,990 to $69,990.
Tesla Model X’s dual-motor all-wheel-drive long-range price jumped $6,000, the highest, from $114,990, and Model S’s dual-motor AWD long-range went from $99,990 to $104,990.
The price hike of almost 5% comes as the costs of raw materials like aluminium and lithium used to manufacture batteries surge.
Moreover, carmakers are also struggling to source semiconductors and other supplies due to an industry-wide shortage.
Earlier, Tesla CEO Elon Musk said lithium is responsible for cost increases and is “a limiting factor” in EV growth.
“Price of lithium has gone to insane levels. There is no shortage of the element itself, as lithium is almost everywhere on Earth, but pace of extraction/refinement is slow,” Musk tweeted in April, responded to a tweet showing the average price of lithium per tonne from the last two decades, which showed a 1653% jump in prices since 2012.
Picture Credit: QZ
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