Tesla CEO Elon Musk. Matt Rourke/AP Photo
Tesla raised the Model X Long Range and Model S Long Range prices by $5,000.
Elon Musk, CEO of Tesla, stated that the company raised the prices of two models earlier in this month due to supply-chain problems.
Musk plans to make Teslas less expensive by 2023, and to lower some Teslas to half their current prices.
Due to ongoing supply-chain issues, Tesla increased the prices of two additional cars. This made Tesla's electric vehicles some the most expensive on market.
Tesla's prices have risen due to chip shortages that reduce Tesla's ability to produce cars at a rapid pace and long waiting times for cars.
According to Tesla's website, the car manufacturer has raised the price of its Model X Long Range as well as Model S Long Range by $5,000. Tesla raised the prices of its Model 3 and Model Y earlier in the month by $2,000
According to Tesla's prices, the Model X Long Range (and Model S Long Range) now retail for $104,990 and $94,990, respectively. Due to price increases earlier in the month, the Model Y Long Range (and Model 3 Standard Range Plus) now cost $56,990 and $43,990 respectively. The Model 3 Standard Range Plus is Tesla's most affordable car at $41,990.
Insider asked Tesla for comment on recent price changes, but they did not respond.
Insider reported that Tesla CEO Elon Musk stated this month at its annual shareholder meeting that the supply-chain crisis had caused price increases.
Musk stated that there was "significant cost pressure in our supply chains." Musk stated that while we have had to temporarily increase vehicle prices, we hope to eventually lower them and make them more affordable.
Mint reports that certain Tesla models, such as the Model 3 SR+, have a waiting period of nearly a year. Customers who order Teslas now must wait until September 2022 in order to receive their cars.
Musk pledged that Tesla would launch a lower-priced vehicle by 2023, which is close to the $25,000 mark for its current cheapest model. Musk acknowledged in September that the company was facing "super crazy shortages" as well as "insane problems" due to the global computer chip shortage and delays at ports and COVID-19 restrictions in China. It is unclear whether Tesla will be able to deliver its 2023 goal of releasing a lower-priced vehicle.
Tesla beat Wall Street expectations Wednesday by reporting 57% year over-year revenue growth to reach $13.8 Billion in its third quarter. This pushes shares to new heights Friday, and brings Elon Musk's net worth to $250 billion.
Business Insider has the original article.