Gas prices are rising. Common commodities are rising. The invasion of Ukraine by Russia has made an unpleasant impact on the world at large. In The United States, the cost of alternative vehicles, electric vehicles or EVs and hybrids, is also rising. A few days earlier, the owner of the most popular electric vehicle brand, Elon Musk, quietly revealed the increase in prices of all vehicle models. Although the cost of electric vehicles is rising, sales of electric cars are also increasing. According to Tesla's website, most models have a backlog, and delivery is estimated months away.
Tesla increased its car price despite rising car prices.
According to CoPilot, Tesla has increased its vehicle prices by 3% to 5% across the board. The popular Model 3 increased by $3,000 to $61,990, Model Y increased by $4,000 to $62,990 and Model X increased to $114,900.
Elon Musk, in a tweet, announced that the recent increases on all Tesla models were due to "significant recent inflation pressure on raw materials and logistics." Materials like aluminum, nickel, and palladium are used for catalytic converters, air conditioner condensers, and batteries for Tesla cars. Morgan Stanley warned that the increase in Tesla cars is due to nickel, which he explained is due to Ukraine's invasion by Russia.
Pat Ryan, CEO of CoPilot, says the rising prices of electric vehicles are a 'by-product' of its increasing demand. High gas prices are propelling consumers' interest in electric cars. Despite peaking prices, supply is at a record low. The market for electric vehicles has become competitive for persons looking to convert.
What does Tesla's wait time look like?
Tesla updated their delivery timeline. Though many are rushing to purchase their first electric vehicle, they will have to wait longer for delivery. Tesla often shortens the delivery time for cars with more options. Choosing more options will not shorten delivery time now. For example, the Tesla Model Y has an estimated delivery time between January 2023 - April 2023. While the basic version of Model 3 has an estimated delivery time of July 2022 to September 2022. Tesla Model X, the most expensive car, has an estimated delivery time of December 2022. If you choose Model X Plaid, you can respect your delivery between August to October 2022.
As the United States tries to loosen its dependency on gas-powered cars, it is necessary to monitor the prices of electric vehicles. The installation of charging stations nationwide is another vital factor in this shifting dependency. Though Tesla has increased its prices, electric cars from other brands are frequently added to the market.
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DISCLAIMER: The author of this article is not an expert on alternative forms of energy. All the information presented was researched from credible sources. All sources were written by professionals in the field of alternative energy.