Keeping consistent with what Elon Musk had suggested in May, Tesla announced today that the cost for the full self-driving (FSD) package is now $8,000 -- a $1,000 increase over its previous price tag. While the price hike may seem steep, it's considerably more appealing than the price that Musk imagines for the sophisticated software in the future.

In addition to announcing the rise in price for the FSD package on July 1, Musk also tweeted that "The FSD price will continue to rise as the software gets closer to full self-driving capability with regulatory approval. At that point, the value of FSD is probably somewhere in excess of $100,000."

According to Electrek.co, which covers the electric transportation industry, some Tesla drivers anticipated the higher price and decided to purchase the FSD package last quarter. In fact, the website reported that "Tesla not only incentivized people to order the FSD package last quarter ahead of the price increase, but they also discounted enabled early Model 3 owners to order basic Autopilot for $2,000 and Enhanced Autopilot owners to upgrade to the FSD package for $3,000."

Musk may have used the pricing increase in the previous quarter as a way to generate higher revenue amid concerns that the COVID-19 outbreak would adversely impact auto sales. In a similar move meant to drum up sales, Tesla also slashed the price on its Model S Long Range Plus last month.

While the FSD package is available to Tesla owners, it's important to note that the actual technology included in the package is not available yet.

This article originally appeared in The Motley Fool. The Motley Fool has a disclosure policy.

A Tesla employee cleans a car outside a Tesla showroom in Burbank, California, March 24, 2020 A Tesla employee cleans a car outside a Tesla showroom in Burbank, California, March 24, 2020 Photo: AFP / Robyn Beck