Tesla Model 3 and Model Y cars now cost $250 more in the United States.
American electric vehicle maker Tesla has raised the prices of its cars including Model 3 and Model Y in the United States, Japan, China, and Canada. The move follows a series of price cuts by the company earlier this year.
According to a CNBC report, the base version of the Tesla Model 3 and Model Y cost $250 more in the U.S. and now starts at $40,240 and $47,240 respectively. In China, Model 3 is now priced at 231,900 Chinese yuan, and Model Y now costs 263,900 yuan. While the price of the Model 3 car has been increased from its previous price of 229,900 yuan, Model Y and long-range and performance editions of the car are now 2,000 yuan costlier in China.
The Elon Musk-owned company increased the prices by C$300 for the performance versions of Tesla Model 3 and Model Y in Canada, according to a Reuters report. The automobile company also raised the prices for the entry-level Model 3 by 37,000 yen in Japan, the report added.
However, some media reports highlighted that the prices of the electric cars still remain lower than what they were at the beginning of the year. Tesla’s chief executive officer Elon Musk said last month that the company will target to push for larger volumes of sales and a larger fleet versus lower volume and higher margins.
Amid growing competition in the EV segment, Tesla previously cut the prices of its cars multiple times. Furthermore, it would be safe to say that other EV makers are eyeing Tesla’s pricing strategy as following Tesla’s price cut in mid-January, other electric carmakers like Ford and Lucid trimmed the prices of their automobiles.
Ford announced a price cut on its electric car Mustang Mach-E in January and said to significantly increase its production. Luxury electric vehicle manufacturer Lucid Group announced in February that buyers of certain variants of its Air model cars would be eligible for a $7,500 credit.