After a flurry of price increases in the first half of the year, Tesla held vehicle prices in the United States relatively steady throughout the third quarter, only adjusting the base price of the Model S and Model X back in August. Now, days into the fourth quarter, Tesla has continued the earlier trend of price increases on the Model 3 and Model Y.
Model 3 Standard Range Plus increased by $2,000 to $41,990.
Model 3 Long Range did not change.
Model 3 Performance increased by $1,000 to $57,990.
Model Y Long Range increased by $1,000 to $54,990.
Model Y Performance increased by $1,000 to $61,990.
Tesla did not adjust pricing on the Model S or the Model X. The table below shows Tesla's price adjustments in the US this year.
Early in the year, it wasn't clear if Tesla's price increases were intended to counteract rising prices in the supply chain, or a response to overwhelming demand. Tesla's second quarter earnings report made the situation more clear, with Tesla posting over $1B in GAAP net income for the first time in company history and delivering a 25.8% automotive gross margin excluding regulatory credits, up 710 basis points year-over-year.
Due to Tesla's order backlog, it's likely that Q2 did not reflect the full impact of those price changes. Investors may get an even better understanding when Tesla reports third quarter earnings, expected on Monday, October 25th.
Despite Model 3 and Model Y prices increasing by $2,000 - $5,000 so far this year, Tesla's order backlog appears only to have grown. New orders for the lowest price Model 3 and Model Y are currently being given delivery estimates of April, 2022.
Disclosure: Rob Maurer is long TSLA stock and derivatives.