Tesla has increased the price of the Tesla Model Y electric SUV for the 2nd time in November. Overall, this is the 4th time the automaker has raised the price of its vehicles.
This latest price increase adds $1,000 for both the Long Range AWD and Performance variants. The new prices of the Model Y are:
- Tesla Model Y Long Range AWD: $58,990
- Tesla Model Y Performance: $63,990
Related: Here’s how to get a Tesla Model 3 for around $25k in California
Tesla had also increased the price of the Model 3 in the last price increment that happened only about a week ago. This time, the Model 3 compact luxury sedan has been unaffected by the price hike.
According to the automaker’s CEO Elon Musk, the high demand for Tesla vehicles is the main reason behind these frequent price hikes. Tesla is currently not able to deliver as many vehicles as it gets orders for.
Until Gigafactory Texas and the Gigafactory Berlin in Europe start Model Y production, this gap between the demand and supply is expected to stay constant.
The estimated date of delivery for base variants of both the Model 3 and Model Y has also been pushed to June 2022. This might also be the time when Tesla expects the widespread chip shortage is going to ease a little.
Some analysts think the Build Back Better bill that the Biden Administration is putting forward is also a catalyst of these price hikes. Because Tesla is expecting its phased-out $7,500 EV tax credit to get an extension.
The new bill gives electric vehicle buyers an incentive of up to $12,500. And it’s not just and tax rebate, this incentive amount is also going to be refundable according to the Build Back Better bill.
CNET has covered this upcoming EV incentive in great detail and yes, there is a good chance that Tesla owners will be able to claim these incentives.
Electric SUVs with a manufacturer’s suggested retail price of up to $69,000 will be able to qualify for the Build Back Better EV incentive. So even the top-end Model Y Performance variant will even be eligible for this tax incentive.
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Related:
- Explore the redesigned Tesla Model 3 Performance interior and exterior
- Tesla Model 3 Performance qualifies for the federal tax credit, gets a $1k price hike, and can cost less than the Long Range variant
- Tesla launches Model 3 Performance with Ludicrous acceleration, Track Mode V3, and a custom-tuned suspension
- Tesla drops the prices of Model Y, Model S, and Model X by $2,000
- Tesla Spring Update (2024.14) to bring Enhanced UI, Auto Shift, Hands-Free Trunk, Rear Screen Off (Release Notes)
- The true story of how FSD V12 helped a Tesla owner reach hospital and saved his life
