Tesla Hikes Prices Again

Tesla has hiked prices of major models for the fourth time this year alone.

On its website here last Friday, Tesla listed the cheapest trim for the Model 3 sedan for W70.34 million, up five percent (US$1=W1,291). The Model 3 cost W52.39 million when it was released here in August 2019 and has become about W18 million more expensive in the last three years.

The price of the Model 3 Long Range, which can run a longer distance on a single charge, increased by 6.7 percent to W83.52 million. The price soared by some W14 million on four occasions over the last six months.

The all-wheel-drive Model Y Long Range also went up by W5.37 million to W94.86 million.

Tesla CEO Elon Musk has cited increases in raw material prices and global supply chain problems such as shortages of semiconductors. He said earlier this month he had a "super bad feeling" about the economy.

An auto industry insider said, "In some respects, Tesla is increasing prices excessively, but it also seems inevitable for Korean automakers to hike their prices due to worldwide inflation."