The price of the Tesla Model Y is rising as fast as the automaker’s stock lately. Electric carmaker Tesla, Inc. has again increased the price of the Model Y in the US for the eighth time this year, and it is coming as new incentives are expected. Model Y is a fully electric, mid-size SUV, with seating for up to seven, dual-motor AWD, and unparalleled protection.
Tesla prices have increased widely across the entire lineup in 2021. Last month alone, there were two significant price increases on Model 3 and Model Y. In November, Tesla started the month with another significant price increase across the lineup. Now just a week later, the automaker is again increasing prices, but this time it’s only for the Model Y.
Tesla Model Y prices
With the very frequent price increases this year, Tesla would generally apply them to both Model 3 and Model Y, which share lots of parts, and the automaker blamed price increases on supply chain costs.
However, in this price increase revealed through another overnight configurator update, Tesla only appears to be increasing the price of the Model Y.
Both trims have received a $1,000 price increase.
Here are all the updated prices for all versions of the Model Y:
- Tesla Model Y Long Range Dual Motor: price went from $57,990 to $58,990
- Tesla Model Y Performance: price went from $62,990 to $63,990
Here’s what Tesla’s Model Y configurator looks like after the overnight update:
While $1,000 might not be much relative to the total price, it is more about the accumulation of the smaller price increases throughout the year. Early in 2021, Tesla was selling the Model Y Long Range for just $50,000. It is now $9,000 more expensive.
New EV incentive in the US
The recent price increases have come as Tesla buyers are expected to soon regain access to the federal EV incentive. The pending Build Back Better Act should give Tesla buyers $7,500 in tax credit.
However, some details are vague, and it’s not clear if it will be retroactive for vehicles delivered during a period of time in 2021 or if it will be for new electric cars bought in 2022.
The new Model Y prices announced today are for new orders, which are not expected to be delivered until next year.
