Tesla has raised the prices of some of its vehicles including variants of the Model S, Model 3, and the Model Y due to supply chain-related costs. The change was noticed by CNBC. As people tighten their belts and move to buy more necessities than luxury items, the new prices will likely discourage orders for the vehicles.
The new increases are not insignificant, the Model Y long-range now costs $65,990, up from 62,990 and the Dual Motor Model S has had a price rise to $104,990 from $99,990. Not all of its vehicles have seen price changes but several have. CNBC said that the price rises come after the company delayed some Model Y long-range deliveries by up to a month in the United States.
This news comes just weeks after CEO Elon Musk said the firm would be cutting 10% of jobs. Aside from price shortages, people don’t have as much disposable income to buy its products and rising interest rates mean credit is more expensive for the company to get a hold of.
The car firm’s woes are reflected in its stock price. One year ago to the day, Tesla stock was worth $1,199 but at the time of writing, it has collapsed by 41.77% to $630.