Tesla EV Update – Model 3 & Model Y Prices Increased Yet Again
After being recalled earlier this month over loose brake caliper bolts, Tesla Model 3 and Model Y have reentered the market at a hiked price. Really does make one wonder if the recall was just a selling gimmick!
Guess we’ll never know for sure. As for the bump in rates, though, it’s happening for the fifth time this year (for the Model 3 sedans and Model Y crossovers) after a sudden drop in February 2021.
The roller-coaster of cost fluctuations
The prices, which began rising in early March 2021, continued their upward slide through April. Thereafter, they remained steady through May and rose by around $500 again in June, creating a difference of $3000 in the base value since the models’ original launch date. Currently, the starting price of the Model 3 and Model Y vehicles stands at $41,190 and $53,190, respectively.
The surprising thing through it all has been that the price change has majorly impacted the lower-range vehicles. The prices of advanced models like the Model 3 and Model Y Performance have largely remained unchanged at $58,190 and $62,190.
Several other models have witnessed a minor cost increment (approx $500), including the Standard Range Plus (the first vehicle in the Model 3 lineup) that went from $39,490 to $39,990, the Long Range AWD (Model 3 lineup), which jumped from $48,490 to $48,990, and the Long Range AWD (Model Y lineup) that escalated from $51,490 to $51,990.
But what’s the reason behind so many price hikes?
As of now, the exact reason behind the surge in prices can’t be pinpointed. However, people have been making speculations for a long time that the shortage of automobile semiconductors might be causing the issue. It’s not unknown that since the pandemic began in 2020, the automotive industry’s supply chain issues have increased rapidly. But that may or may not be the cause of this problem.
Another rumor in the market indicates that Tesla has increased the prices in anticipation of a new EV rebate. Since the company hasn’t informed people about any upcoming projects, we’re guessing the first assumption might be more accurate.
Other endeavors by Elon Musk
Tesla’s CEO has a lot on his plate in 2021. Musk, who also heads SpaceX (the organization that has sent two successful orbital flights carrying astronauts to the International Space Station), is planning on launching a third mission in the fall of 2021.
He’s also working on Axiom Space’s upcoming plan. Axiom Space, a Houston-based company, purchased a trip to the International Space Station in 2020. It hopes to send a crew of four to space, including Michael López-Alegría, a former NASA astronaut, accompanied by three private citizens.
More inCar Insurance
2022 BMW M4 Competition Convertible Revealed
When a brand has established its name, the audience always anticipates the best out of it. And among the most reputed...June 2, 2021
Porsche Launches ‘Pink’ 718 Spyder Model Especially For The Chinese Market
From developing thoroughbred exhilarating sports cars to building snuggly compact sedans and SUVs, Porsche has never failed to delight its fans....May 30, 2021
Your Used Car Might Be Worth More Now Than a Year Ago
Ever since the pandemic broke out, the word “unprecedented” has become widely overused. The “new normal” isn’t anything like we expected it...May 18, 2021
This Is Why You Might Have to Pay Extra For a New Car This Spring
Have you been waiting to buy a new car but can’t deal with the skyrocketing prices? Well, we feel you, and...May 15, 2021
Discover the All New 2023 Porsche Macan EV
Sometimes to thrive in competitive markets, tech giants need to be visionary. And that’s what Porsche is doing in the case...May 15, 2021
About to Get Your First Homeowner’s Insurance Policy? These are the Things You Should Know
So, you’ve finally made the leap and bought your first home. You’ve put in the work, did the research, and can...May 10, 2021
Despite The Model’s Discontinuation, Two Dodge Vipers Sold in 2021
Looks like the Dodge Viper still has a bit of a charm left in it! After Dodge (American automotive giant FCA...April 20, 2021
Elvis Presley Loved this Automaker So Much He Collected Hundreds of Cars Made by It
Elvis Presley may be a step above other famous musicians because of his legendary status as the King of Rock and...April 15, 2021
New Survey Reveals Worrying State of People’s Finances Amid Ongoing Pandemic and Recession
The coronavirus pandemic definitely did a number on everyone’s finances. Months of being stuck at home were worsened by layoffs and...April 11, 2021