Tesla has increased the prices of some models of electric vehicles

According to price listings on the company’s website, Tesla increased the price of the Model X by about 2.6 percent to $97,490 in the US, and the price of the Model S increased by about a 2.9 percent to $87,490.

Tesla Model S Plaid and Model X Plaid prices have increased from $104,990 previously to $107,490.

The electric car maker, which has gone through a series of price cuts since January to stimulate demand, shows that the prices of the 4 vehicle models are between 16% and 23% cheaper compared to the beginning of the year. .

IT WAS DISCOUNTED 6 TIMES IN ONE YEAR

Notably, the price increases came days after Tesla cut prices on two electric vehicle models in the US for the sixth time this year.

Despite concerns about its impact on profit margins, Tesla cut Model Y prices by $3,000 and Model 3 prices by $2,000 on April 18.

The price of Model Y long-range vehicles dropped to $49,990, and the price of Model Y “performance” vehicles dropped to $53,990. The company also lowered prices for “rear-wheel drive” Model 3 vehicles to $39,990.

TESLA PROFITS DECREASE BY 20 PERCENT

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 decline.

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 last year and rose to a record $3.7 billion in the latest quarter.

In the statement made by the company, it was indicated that although price cuts were applied on many vehicle models in all regions in the first quarter, there was a manageable decline in operating margins.

Tesla shares lost nearly 10 percent after disappointing financial results.

Tesla, one of the most profitable automakers, had cut prices in the US to boost 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 sparked a price-cutting run earlier this year in China, the world’s biggest electric vehicle market.

Tesla expanded the global discount campaign that began in China in January by lowering the prices of its electric vehicles in Europe and Asia. The company had discounted the prices of Model 3 and Model Y vehicles between 4.5 and 9.8 percent in Germany. (AA)