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Buisness

Tesla Increases Model Y and Model 3 Prices in America

Following six price reductions this year through mid-April, Tesla Inc. increased its prices in the United States for the second time in less than two weeks, according to information on its website.

According to pricing information found on the company's website, Tesla has modestly increased the costs of its Model Y and Model 3 versions by $250 apiece.

The basic price of the Tesla Model Y is now $47,240. The Long-Range crossover and Performance variants of the Model Y are each priced at $50,240 and $54,240, respectively.

The price of the company's most basic Model 3 is now $40,240, while the performance model costs $53,240.

Since January, Tesla has reduced pricing across the board, including in the US, in an effort to increase sales, particularly of its mass-market vehicles, the Model Y crossover and the Model 3 sedan.

Elon Musk, the company's chief executive, said last month that, despite Tesla's gross margins having dropped to a more than two-year low in the first quarter, the company will prioritize sales growth above profit in a struggling economy. But a short while later, Tesla revealed its first price increase in the United States.

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