Tesla Increases Prices of Model 3, Model X By Up to $6,000 Across, Electrek Says

Tesla Inc. has increased prices across its lineup by as much as $6,000, Electrek reported, as global automakers grapple with surging costs for raw materials, particularly battery components. 

In at least its third hike this year, the electric-car pioneer lifted the price of a long-range Model 3 by $2,500 to $57,990, Electrek said. The long-range Model X dual motor all-wheel drive was bumped up $6,000 to $120,990. 

Chief Executive Officer Elon Musk said earlier this week that Tesla has weathered a “tough” past three months, facing a months-long lockdown in Shanghai, the site of one of its most-important factories, and supply chain snarls that have made keeping up production challenging.

“This has been a very tough quarter, primarily due to supply chain and production challenges in China,” Musk said in an email to employees over the weekend that was seen by Bloomberg. “So we need to rally hard to recover!”

In the first three months of the year, Tesla delivered 310,048 vehicles -- a quarterly record that came in above analysts forecasts -- as supply chain challenges were offset by accelerating EV adoption. Analysts are forecasting the company will deliver about 296,000 units this quarter, according to data compiled by Bloomberg.

In other price increases reported by Electrek: 

• The Model Y long range rose to $65,990 from $62,990
• Model Y performance rose to $69,990 from $67,990
• Model S dual motor all-wheel long range rose to $104,990 from $99,990

Tesla shares rose 5.5% in New York trading Wednesday. The stock is down almost 34% this year.