Tesla Price Increase: Model Y, Model 3, Model S Now More Expensive

Tesla (TSLA) has raised the price of some of its electric vehicles after lowering the price tag on select models in mid-February.

The price increases affect its Model Y Long Range, Model S Plaid, Model 3 Standard Range Plus, and Model 3 Long Range AWD electric models.

The Model Y Long Range sedan’s price increased by $10,000 to $42,190, Reuters reported, while the cost of the Performance Model Y model still sells for $53,190, the website said.

The Model S Plaid Plus sedan’s price was also raised by $10,000 to $149,990, according to Tesla’s website. The previous price of the Model S Plaid Plus was $139,990, Benzinga reported. The price of the Model S Long Range All-Wheel Drive and Model S Plaid remained unchanged at $79,990 and $119,990, respectively.

Tesla is expected to release the Model S Plaid Plus at the end of 2021, Benzinga said.

The price of the Model 3 Standard Range Plus now has a price tag of $37,490, according to the website. This is only a $500 increase from its earlier price of $36,990, Reuters reported.

The Model 3 Long Range AWD’s price was also increased by $500 to $46,490, the website said. The previous price of the EV was $45,990, according to Reuters.

The news of the price increase comes as Tesla dropped the cost of its Model 3 Standard Range Plus EV to $36,990 and the Model Y Standard Range SUV to $39,990 in mid-February. Previous price tags on the vehicles were $37,990 and $41,990, respectively, Reuters reported.

At the same time, Tesla increased the price of the Model 3 Performance to $55,990 and Model Y Performance to $60,990, hikes of $1,000 for each vehicle, according to the website. Previous prices on the vehicles were $54,990 and $59,990, respectively, Reuters said.

CEO Elon Musk has said that he wants to come to market with an EV that costs $25,000 and that is “fully autonomous” within the next three years, Business Insider reported.

The least expensive vehicle in the Tesla lineup is the Model 3 Standard Range Plus sedan, which costs $29,690.

Shares of Tesla were trading at $696.00 as of premarket open, up $27.94 or 4.18%.