Wednesday, EV maker Tesla raised the prices of its Model Y and Model 3 vehicles. The increase is $1K each in the US and almost $1.6K in China. The hike sets back Musk's dream of releasing more affordable EVs.
A trend or a tragedy? It is easy to draw a line between the hike and the surging raw material prices caused by the Russian invasion of Ukraine. But since January 2021, the cost of the Model Y SUV has increased by 20%, and the Long Range Sedan Model 3 has increased 10.6%. With Rivian also announcing a recent price hike, the cost of widespread adoption of EV tech may still be in motion.
Telling it like it is - Welcome to the pinch, Automakers. Let us show you around…