Tesla Raises Prices Amid Rising Raw Material Costs

  • By Kim A-sa

    March 14, 2022 10:31

    Tesla has hiked the prices of its electric cars by up to W2 million in Korea as the U.S. carmaker raises its car prices around the world (US$1=W1,232).

    The hikes were prompted by skyrocketing prices of raw materials for batteries, including nickel, amid Russia's invasion of Ukraine.

    As of last Friday, the price rose from W87 million to W88 million for the Model Y Performance, from W69.8 million to W70.8 million for the Model 3 Long Range and from W79.9 million to W81.9 million for the Model Y Long Range.

    The Model 3 Long Range and Model Y Long Range are both eligible for a W3.2-million government subsidy. No subsidy is available for the Model Y Performance as it is priced over W85 million, out of range of government subsidies this year.

    The increase is just the latest after Tesla raised its prices 12 times last year. Other carmakers are expected to follow suit.

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