Elon Musk blames Tesla price increases on 'major supply chain price pressure industry-wide.' ClareCNN reports.
Last week Tesla raised the price of the Model 3 by $2,000 to $39,990 for the base model, according to a comparison of its website on the Wayback Machine internet archive. Tesla also raised the price of the Model Y SUV by $5,000 to $51,990.When a Tesla fan questioned the price increases on Twitter, Musk responded that the price increases were beyond its control."Prices increasing due to major supply chain price pressure industrywide," he tweeted."Raw materials especially.
Prices for lithium, a key material used in EV batteries, have more than doubled in trading markets. Cobalt, another key material for batteries, is also sharply higher though it has retreated from a high earlier this year. What Tesla is paying for those raw materials under its supplier contracts is unknown. The same is true for metals used elsewhere in the car, such as steel, aluminum and copper, which have also seen in prices traded in public markets rising.
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