Tesla discreetly hikes the prices of four of its electric vehicles

Tesla discreetly upped the cost of 4 of its electric cars over the weekend, just days after reporting a historic $1.6 billion profit in the third quarter. The base Model 3, as well as Model Y electric cars, are now $2,000 more expensive, at $43,990 and $56,990, respectively, according to Electrek. Furthermore, the base Model S, as well as Model X cars, will be $5,000 more expensive, at $94,990 and $104,990, respectively.

Despite global semiconductor scarcity that has plagued other automakers, Tesla had a strong third quarter. Tesla CEO Elon Musk stated in June that supply chain shortages were a major factor in Tesla’s incremental price increases on the Model 3 as well as Model Y in the very first half of 2021. However, the firm was able to update its car software to accommodate different chips.

Other automakers, such as Ford, Volkswagen, and Toyota, have been less fortunate and have had to raise vehicle costs and temporarily close factories to cope with the chip shortage.

Tesla hasn’t provided clarification for the newest price hikes, but CFO Zach Kirkhorn stated during the company’s third-quarter earnings call with the investors that the increased electric vehicle market “caught us off guard.”

“Our price differences may not appear logical to the general public at times,” Kirkhorn said. “But, you know, we have a strategy in place behind the scenes even as we balance market forces, as we try to balance various parts shortages, and as we try to manage wait times. All of this is factored into the optimization process here.”

Tesla Model 3 vs. Model Y: What’s the Difference?

For starters, the Model Y’s front end resembles that of its assembly-line counterpart at first glance, but design tweaks on the taller and larger exterior enable it to emerge from the shadow of the Model 3. A power liftgate full hatch trunk is also standard on the Model Y, which is a big plus for Model 3 owners.

Because Model Y is a much larger EV than the Model 3, the second-row seats can be folded independently to accommodate more cargo. In addition to the regular 5 seats, the Model Y can be ordered with a seven-seat interior. Sedans are faster and more fun to drive, but SUVs provide a better line of sight and a sense of security by sitting higher off the ground.

The Model Y gives the impression of being higher up, even though it is only an inch higher off the ground than the Model 3. The Model Y benefits from its low center of gravity, which is facilitated by the battery pack. This makes Tesla’s newest electric vehicle feel more stable and tied to the road.

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