Published , by Donovan Erskine
Published , by Donovan Erskine
One of the more interesting threads to follow at Tesla this year was the company’s continuous price cuts as it looks to increase demand for its electric vehicles. The car maker just made its sixth price cut of the year this week and is making tweaks once again. Tesla is now increasing prices for some of its EVs.
Twitter users Sawyer Merritt pointed out early this morning that on the Tesla website, prices were increased for the Model S and Model X vehicles. Both cars were given $2,500 price hikes. To compensate the price increase, Tesla is now offering three years of unlimited free Supercharging with a purchase of a Model S or Model X. This offer is available until June 30, 2023.
It was only yesterday that Tesla made its sixth price cut of the year, lowering the cost of the Model 3 and Model Y. This move came hours before the release of Tesla’s Q1 2023 earnings report, which revealed the company was underutilizing some of its newer factories. As Tesla continues to ramp up its production rates, it’s hoping to increase demand, too.
Tesla (TSLA) stock saw a sharp drop this morning when trading started. It hit a valuation of $161.62 per share after opening at $164.82. The market continues to react strongly to Tesla’s frequent price changes.
Despite the latest price hike, Tesla prices are still down across the board compared to where they started at the beginning of the year. As the EV manufacturer heads into its second financial quarter, we’re curious to see if there are more price cuts/raises in store. For everything you need to know about Tesla, stick with Shacknews.