Tesla is once again adjusting its pricing structure, this time implementing some more modest price increases for the Model 3 and Model Y after several, sometimes significant price cuts earlier this year. The price increases have affected several markets around the world, including Canada and the US, and is the second price increase in as many weeks for US customers. This time around there have been no price changes to either of Tesla’s flagship vehicles, the Model S or Model X.
Canada Price Increases
In Canada Tesla has increased the prices for the Performance variants of both the Model 3 and Model Y by $300, with each vehicle now started at $73,290 and $76,290 respectively. Fortunately the prices for the Model 3 RWD, the newly introduced Model Y RWD, and Model Y Long Range have all remained the same, meaning all three vehicles continue to qualify for federal and provincial incentives. The Model 3 Long Range continues to be unavailable to order.
Model 3 RWD – $54,990 (no change)
Model 3 LR – unavailable
Model 3 Performance – $72,990 to $73,290 (+$300)
Model Y RWD – $59,990 (no change)
Model Y LR – $69,990 (no change)
Model Y Performance – $75,990 to $76,290 (+$300)
US Price Increases
The price increases south of the border are a little less than in Canada at just $250 (more when you take into account the exchange rate), but unlike those in Canada they have impacted all variants of the Model 3 and Model Y.
Model 3 RWD – $39,990 to $40,240 (+$250)
Model 3 LR – unavailable
Model 3 Performance – $52,990 to $53,240 (+$250)
Model Y RWD – $49,990 to $47,240 (+$250)
Model Y LR – $49,990 to $50,240 (+$250)
Model Y Performance – $53,990 to $54,290 (+$250)
Other Price Increases
It appears as though the price increases have impacted many of Tesla’s major markets around the world. Much like the price increases in the US, they are on the smaller side and also appear to impact all variants that are available in those specific countries.
In South Korea for example, prices of all Model 3 and Model Y variants were increase by ₩357,000, or about $360 CAD/$266 USD, as noted by Tesla enthusiast @Tslachan on Twitter.
— Space Hedgehog 🦔 (@ppoppopower) May 2, 2023
The story is the same for China, where prices for all five variants of the Model 3 and Model Y available from Giga Shanghai have increase by ¥2,000, or about $390 CAD/$290 USD. There have also been reports of similar price increases in Japan.
BREAKING: Tesla China has raised the price of the full range of Model 3 and Model Y, all by RMB 2,000. pic.twitter.com/TAm7umBLuz
— Yan Chang (@cyfoxcat) May 2, 2023
The price increases come at a time when Tesla is sitting on historically high volumes of Model 3 vehicles. According to a tracker of existing inventory levels in the US, Tesla currently has close to 800 Model 3 sedans sitting in existing inventory, up from about only 200 at the same time last month. The story is quite different for the Model Y, of which there are around 200 currently available for immediate purchase through Tesla’s website, in line with volumes since the massive price cuts in January.