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Tesla is raising its prices…again

Thanks, nickel inflation.

tesla badge on rear of model 3
Image: Kevin Raposo / KnowTechie

If you’re mulling the idea of buying a new Tesla, be prepared to pay a little extra for it. Tesla raised its prices again due to the rising cost of nickel prices, mainly due to the ongoing crisis in Ukraine. 

Sadly, every car in Tesla’s lineup is going up in price. This includes base models, long-range and performance models as well. As Electrek points out, the price for the base Model 3 is now $46,990, up to $2,000 from before.

Additionally, the price of the Model 3 Dual Motor All-Wheel Drive has increased by $2,500 to $54,490, and the price of the Performance edition has increased by $3,000.

Here’s a before and after comparison of the price increases:  

  • Model 3 Base Model: $46,990 (previously $44,990)
  • Model 3 Long Range: $54,490 (previously $51,990)
  • Model 3 Performance: $61,990 (previously $58,990)
  • Model Y Long Range: $62,990 (previously $60,990)
  • Model Y Long Range Performance: $67,990 (previously $64,990)
  • Model X: $114,990 (previously $104,990)
tesla model 3 price increase
Image: Screenshot / Tesla

For those of you keeping score, Tesla is ruthless when raising the price of its cars. They do it all the time, and we’ve honestly lost count.

READ MORE: Amazon prices are probably going up due to a new inflation surcharge

Electrek notes that the Model 3 Long Range previously sold for $48,000 back in March of 2021, and with this latest price increase, the price is up by about $4,000 over the last year. In contrast, the Model Y has seen its price go up by as much as $10,000 over the past year.

Why is nickel so important in electric vehicles? Well, a big chunk of the battery relies on nickel, and Russia is the world’s third-largest producer of it. And with all the sanctions targeted towards the country, acquiring the rare earth mineral will cost more.

The sad news is if nickel prices eventually go back down, I don’t see Tesla bringing the cost of these affected models back down. Instead, they’ll probably stick to these new prices and not lose any sleep over it because, at the end of the day, Tesla likes money.

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