Tesla Hikes Price for All EV Models in the US Market

Tesla raised prices for all its car models in the US, its latest price hike amid ongoing global supply-chain issues.

The electric carmaker increased its Model Y long-range price to $65,990 (roughly Rs. 51,53,000) from $62,990 (roughly Rs. 49,00,000), its website showed on Thursday, after delaying the deliveries of some long-range models in the United States by up to a month.

The price hike comes as costs of raw materials have surged, including aluminum that is used in cars.

Tesla Chief Executive Officer Elon Musk has warned about the risk of a recession in recent weeks.

Earlier this month, Musk said he had a “super bad feeling” about the economy after cutting about 10 percent of jobs at Tesla.

Tesla recently cancelled three online recruitment events for China scheduled this month, the latest development after chief executive Elon Musk threatened job cuts at the electric car maker, saying it was “overstaffed” in some areas.

However, Musk had not commented specifically on staffing in China, which made more than half of the vehicles for the automaker globally and contributed a quarter of its revenue in 2021.

The company cancelled the three events for positions in sales, R&D and its supply chain originally scheduled for June 16, 23 and 30, notifications on messaging app WeChat showed late on Thursday, without stating a reason.

Notification of a June 9 event to recruit staff for “smart manufacturing” roles was not visible and it was not immediately clear it had been held as planned.

The China operation is still allowing resume submission for more than 1,000 openings posted on the social media platform, such as aerodynamics engineers, supply chain managers, store managers, factory supervisors and workers.

© Thomson Reuters 2022