Elon Musk's firm, like the rest of the automotive industry, is dealing with rising raw material costs and growing supply-chain disruption.
Crude oil prices have risen as a result of Russia's invasion of Ukraine. As a result, raw material costs have risen, causing problems for numerous industries, including the automobile industry.
Aluminum and nickel prices have risen as a result of anticipation that a conflict and Western sanctions may shut off Russian exports.
According to Reuters, Russia is responsible for 6% of the world's aluminum supply and 7% of mined nickel. As a result, conflict, and sanctions might disrupt the global metal supply.
Nickel is a critical component of batteries, thus it will have a significant impact on car pricing, particularly for electric vehicles.
Increase in Input Costs Per Car: $1,000
"Did you see nickel futures today?" says the narrator. In a research note published Monday, Morgan Stanley analyst Adam Jonas stated. "As of this writing, nickel is up 67.2 percent today, equating to a $1,000 increase in the cost of an average electric vehicle in the United States."
In other words, electric car prices may rise. It didn't take long for Tesla, the market leader, to raise the pricing of several of its models.
"Building out other nickel mining sources (Canada, Australia, etc.) would take years and innumerable regulatory barriers," Jonas added.
The high-end electric car maker has raised its prices, especially for the Model 3 sedan and Model Y SUV. Depending on the car configuration, prices have increased by $1,000.
The high-end electric car maker has raised its prices, especially for the Model 3 sedan and Model Y SUV. Depending on the car configuration, prices have increased by $1,000.
Model Y Long Range ($59,990 + $1,000) has a range of 318 miles.
$64,990 (+$1,000) for the Model Y Performance with a 303-mile range.
Tesla did not specify if the price hikes would affect existing orders or merely new ones.
A request for comment was not returned by the corporation, which has had no press department since last year.
Last November, Tesla upped its prices for the first time.
The increased price rise is accompanied by the deferral of some car deliveries. The Model Y Performance, which was supposed to arrive in April, will now arrive in May, while the Long Range will arrive in September instead of August.
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