Tesla increased the prices of its two models, the Model 3 and Model Y. This is the second time that the automaker increased it this month alone. Also, the delivery timelines have slipped a couple of months again.
Tesla Increased Prices of Vehicles
Earlier this year, Tesla began doing regular incremental price increases throughout the lineup. The automaker took a break for a couple of months, but it is now adjusting the prices again and more aggressively this time, according to Electrek.
Just a few weeks ago, Tesla increased the prices of Model 3 and Model Y across the whole lineup. However, the Model 3 Standard Range Plus Model Y Long Range was particularly affected by a $2,000 price increase.
Now Tesla is implementing the same update. As for the Tesla Model 3 prices, the automaker increased its price by $2,000 in an overnight update to its online configurator in the United States on Oct. 24.
For Tesla Model 3 Standard Range Plus now costs $43,990 from its original price of $41,990. The Tesla Model 3 Long Range AWD still costs $49,990. The Tesla Model 3 Performance still costs $57,990.
Also Read : Elon Musk: Tesla Cybertruck Price to Hike at a Million Dollars if Production Hurdles Persist
Now Tesla has even pushed the delivery timelines of new orders for the base Model 3 to late 2022. However, you can save a couple of months and get it by June 2022 if you order the bigger vehicles.
As for the Tesla Model Y, it was also subject to price increases. The Model 3, which is the cheapest version of Model Y, got a $2,000 price increase and the performance version a $1,000 price increase.
Tesla Model Y Long Range Dual Motor went from $54,990 to $56,990. The Tesla Model Y Performance still costs $61,990.
Model Y Long Range also saw its delivery timeline for new orders delayed. If you place an order for the vehicle right now in the United States, you can expect the SUV delivered in August 2022, according to Engadget.
Also, Tesla is shortening the wait by a couple of months if you get the more expensive vehicles. The automaker also appears to choose the wheel as standard in the online configurator to encourage consumers to get them.
In July, Tesla's Model S and Model X prices increased even though the vehicles were not delivered yet.
In August, Tesla's Model S and Model X Long Range increased its price by $5,000.
Tesla's Sales
Tesla reported revenue fell short of Wall Street estimates. However, the automaker managed to beat third-quarter earnings projections despite a shortage of semiconductor and supply-chain challenges that have stymied competing automakers.
The sales at Tesla rose 57% to $13.8 billion, missing estimates of $13.9 billion. The earnings came to $1.86 a share on an adjusted basis, the automaker said on Oct. 20, according to TechCrunch.
That beat the analysts' average estimates of $1.67 per share. The results mark the ninth straight quarter of profit for the electric carmaker.
The automaker's gross margin, which is a key gauge of profitability, widened to 28.8% in the last three months, increasing from last year's 27.7%.
Shares of Tesla fell as much as 1.5% to $853 in after-market trading. They were a bit changed at $865.80 at the close of regular trading in New York.
Gene Munster of Loup Ventures said that the stock is zig-zagging because this was expected, but they are now making a lot of progress when it comes to profitability.
Related Article: Tesla Rising Prices: Elon Musk Finally Confirms the EV Price Hike's Reason
This article is owned by Tech Times
Written by Sophie Webster
