Tesla Model Y becomes marginally pricier in this country. Details here

Tesla Inc has slightly increased the pricing of its bestselling EV Model Y in the US, reveals the company's official website. The pure electric crossover, which earned the crown of the world's bestselling car a few days back, has now become pricier by a marginal $250 in the US, leading the sticker price of the car to $47,740, showed the automaker's website. However, the pricing of other electric cars from the brand remains unchanged.

Tesla has been increasing the price of its bestselling car over the last few months. The latest price hike came as the third price surge for the Tesla Model Y since April 19 this year, when the electric car manufacturer slashed prices of some of its cars in the US for the last time, ending the price cut spree that commenced in late 2022 and continued till the first quarter of this year, resulting in a price war in the global electric vehicle market. In May this year, Tesla again increased the price of its EVs like Model S, Model X and Model Y by low single-digit percentages.

Interestingly, even after the latest price hike introduced on Tuesday, the price of the Tesla Model Y remains 4.5 per cent below the cost of the car before it was slashed earlier in April 2023. However, the automaker has not revealed the reason behind this marginal price hike for the electric crossover.

Earlier this year, Tesla repeatedly slashed the pricing of all its electric cars in a desperate attempt to drive volumes after the brand faced a tumbling performance in the stock market in 2022 that resulted in a massive drop in the value of the company. The auto company's CEO Elon Musk had said that Tesla is willing to sacrifice margins for sales volume but was also looking to raise the price back again, where it can, to drive the profitability up.