Tesla raises US prices for all its vehicles except Model 3

Tesla Inc increased the US prices of its Model S, X, and Y electric vehicles by low single-digit percentages on Thursday (May 11) , though prices were still considerably lower than at the beginning of the year.

The company raised the prices for all variants of its higher-priced Model S and X vehicles by US$1,000 (S$1,300), while prices of all Model Y variants increased by US$250, its website showed.

These represent an increase of about 0.5 per cent to 1.1 per cent since the last changes in price.

This is the second price hike for the Model S, Model X and Model Y cars since April 19, when Tesla last cut prices for some of its cars in the US. There were no changes to the prices of its cheapest car, the Model 3, since the hike earlier in May.

Tesla has slashed prices globally since January, including six times in the US, seeking to drive volume. CEO Elon Musk has said the company is willing to sacrifice margin for sales volume but was also looking to move prices back higher, where it can.

Even after Thursday's price hike, the base models of S and X cars remain cheaper by 16 per cent and 19 per cent in the US respectively, compared to the start of the year, while Model Y's long-range version is about 23 per cent cheaper.

Model S is now priced at US$88,490, while the Model X has a tag of US$98,490. The performance versions of both these models are now worth US$108,490. The prices of Model Y, its long-range and performance variants are US$47,490, US$50,490 and US$54,490, respectively.

Separately, Tesla's Japan unit started accepting orders for its flagship sedan, Model S, and its sports utility vehicle Model X in the country on Friday, it said in a press release.

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