Tesla Model Y becomes pricier again after consecutive price cuts. Details here

Tesla seems to be consecutively raising the price of its Model Y in multiple markets across the world. This comes weeks after the US-based electric car manufacturer started a price war in the EV industry by consecutively slashing the prices of its vehicles. The automaker has increased the price of the Model Y crossover in the US and China markets. This latest price update comes after another hike announced a few days ago.

Tesla's official website states that the Model Y Performance variant now comes available at a starting price of $58,490, which is $500 more than the previous pricing, which was $57,990. The Model Y AWD pricing has been increased by $500 in the US, while the price of the Model Y Long Range AWD remains the same at $54,990.

This comes as the third price hike for the electric crossover since the major price reduction for the car. Tesla has not officially said anything, but the series of price hikes could signify that the automaker is witnessing high car demand. Hence, the carmaker is possibly raising EV prices to balance the supply and demand. Interestingly, with the lowered prices and eligibility for the $7,500 federal tax credit for all Model 3 and Model Y versions in the US, the company is very likely in a strong position.

In China, the Tesla Model Y has become a bit more expensive. The automaker's official website reveals that the pricing of the entry-level Model Y crossover has been increased by 0.8 per cent, which is a slight price hike considering the 5.7-13.5 per cent price slash introduced in January 2023.

The Tesla Model Y is the second bestselling model for the brand after the Model 3 compact sedan. The Model Y is predominantly manufactured in China, as it is a key market for this electric car.