The Model S and X vehicles from Tesla Inc. (NASDAQ: TSLA) are the company’s most expensive and flagship models. The S and X were recently updated with a new interior and external design for a more modern style, as well as improved efficiency and range.
Tesla began distributing its Plaid and Long Range Model S vehicles last month, following delays, with the Model X expected to arrive by the end of the third quarter for current orders. The first new orders aren’t expected to arrive until January 2022.
According to Electrek, Tesla has increased the price of both the Model S and Model X long-range models. Earlier this year, Tesla raised the price of the Plaid Model S by $10,000. As a result of the higher prices, the following occurs:
Long Range Model S: $79,990 to $84,990
Long Range Model X: $89,990 to $94,990
After repeated price hikes for the Model 3 and Model Y throughout 2021, this is the first price rise for the long-range variants of the S and X. These cars are likewise being snapped up quicker than they can be manufactured, with speculations circulating that Tesla’s second-quarter inventory was sold out in the first half of the year.
Benzinga’s Opinion: Demand for Tesla’s S and X may be larger than expected, resulting in price rises. Many businesses, particularly the auto industry, are still dealing with supply chain challenges, and Tesla may need to raise pricing to help alleviate these limits.
At the same time, a federal tax credit for electric vehicles could be on the way, and Tesla could be preparing for government support.
Model X (photo) (C) 2021, Tesla (C) 2021, Tesla (C) 2021, Tesla (C) 2021, Tesla ( Benzinga.com. Benzinga does not offer financial advice. All intellectual property rights are reserved./n
