Tesla Increases Model Y Price $250 Amid Rising Demand

Tesla‘s sales-record-shattering Model Y has seen a minor price hike of $250, signalling strong demand for the electric vehicle. Once priced at $47,490, the base Model Y is now selling at $47,740, as the automaker adjusts to the influx of orders.

Previously in the year, Tesla had been dropping prices across their range of electric vehicles. However, this trend has taken a pause, with slight price increases observed in recent weeks, particularly for the base Model Y.

The automaker revealed the price modification on their online configurator last night, a method they often use to match production capacity with the flow of orders. This isn’t just about the price, though. Tesla also extended the delivery timeline by one month, now stretching into August.

The shift in delivery dates indicates that demand for the Texan-made Model Y is holding strong as we move toward the end of the quarter. While this shift affects the base Model Y, prices for other versions remain steady.

Plus, the full $7,500 federal tax credit for electric vehicles is still available to all Tesla Model Y buyers. This availability, coupled with the recent changes, hints that demand for the Model Y is either stable or on the rise.

Meanwhile, the Model 3 finds itself in an odd position with an imminent refresh and inventory vehicles undergoing discounting. As new inventory continues to increase, potential buyers may expect more discounts in the coming weeks before the quarter ends.