According to the price lists on the company’s website, Tesla increased the price of the Model X by about 2.6 percent to $ 97 thousand 490 in the USA, and the price of the Model S increased by about 2.9 percent to $ 87 thousand 490.
Prices for Tesla’s Model S Plaid and Model X Plaid have been increased from $104,990 previously to $107,490.
The electric car manufacturer, which has gone through a series of price cuts since January to stimulate demand, shows that the prices of all 4 vehicle models are between 16 percent and 23 percent cheaper compared to the beginning of the year.
The prices of the two electric vehicle models were reduced for the 6th time this year.
It was noteworthy that the price increases came days after Tesla cut the prices of two electric vehicle models in the USA for the 6th time this year.
Despite concerns about its impact on profit margins, Tesla reduced Model Y prices by $3,000 and Model 3 prices by $2,000 on April 18.
The price of Model Y’s long-range vehicles was reduced to $49,990, and the price of Model Y’s “performance” vehicles was reduced to $53,990. The company also reduced the prices of Model 3 “rear-wheel drive” vehicles to $39,990.
Tesla’s profits fell more than 20 percent in the first quarter of this year
On the other hand, Tesla’s balance sheet, which was announced on April 19, showed that the company’s price cuts caused its profit margins to decrease.
The electric car maker’s net profit fell to $2.5 billion in the first quarter of this year, down 24 percent from the same period last year. Tesla’s net profit was $3.3 billion in the same period of last year, and rose to a record $3.7 billion in the last quarter.
In the statement made by the company, it was stated that although price cuts were applied on many vehicle models across regions in the first quarter, there was a manageable decline in operating margins.
Tesla’s shares lost nearly 10 percent after disappointing financial results.
He went to price cuts in order to increase his sales.
Tesla, one of the most profitable automakers, had cut prices in the USA in order to increase its sales in January, March and April. Thus, compared to the beginning of 2023, the price of the Model 3 had decreased by 11 percent and the price of the Model Y by 20 percent.
Tesla triggered a price-cutting race earlier this year in China, the world’s largest electric vehicle market.
Tesla expanded the global discount campaign it started in China in January by lowering the prices of its electric vehicles in Europe and Asia. The company had discounted Model 3 and Model Y vehicle prices by 4.5 percent to 9.8 percent in Germany.