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Tesla Inc. said it will again tweak the prices of its vehicles, this time boosting the prices of its Model S, Model X, and Model Y cars.
The electric-vehicle maker has raised the price of its base-level Model S to $88,490, up from $87,490 when it last made adjustments to this model’s pricing in late April. Similarly, the price of the Model X is also going up by $1,000, as Tesla
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now lists it for $98,490 on its website. The Model X price used to be $97,490 following an April hike.
Tesla is also bumping up the price of its Model Y by $250. The base-level model now lists for $47,490, while it started at $47,240 when Tesla made adjustments earlier in May.
The company has kept the Model 3 sedan’s price unchanged at $40,240.
The latest changes are among a series of pricing moves made by Tesla this year. The company cut prices at various points in 2023 as it looked to stoke demand for its vehicles, but it’s also raised prices at times, including on the Model S and Model X back in April.
Chief Executive Elon Musk has defended this year’s price reductions, suggesting on the company’s last earnings call that the company was willing to sacrifice vehicle margins in the near term while in pursuit of a larger base of Tesla owners. He thinks the company will benefit in the long run by getting more vehicles in the hands of consumers as it will ultimately be able to sell more people on software offerings around autonomous driving.
Opinion: With Tesla stock and margins under pressure, Elon Musk falls back on his favorite fantasy
Wall Street isn’t entirely sold on this approach, however, and several analysts have downgraded Tesla’s stock in recent weeks amid concerns about the company’s margin trajectory.
See more: Tesla’s ‘brazen’ willingness to accept lower margins earns stock a downgrade
Tesla shares were up about 1% in Friday’s premarket trading.
