The prices of electric cars produced by leading electric vehicle Tesla Inc. (TSLA) have gone up due to supply chain pressures across the broad auto industry. This was announced by the company’s founder and Chief Executive Officer Elon Musk through twitter.
According to Musk this price hike is due to major supply chain price pressure across the auto industry especially raw materials.
“Moving lumbar was removed only in front passenger seat of 3/Y (obv not there in rear seats). Logs showed almost no usage. Not worth cost/mass for everyone when almost never used. Prices increasing due to major supply chain price pressure industry-wide. Raw materials especially,” tweeted Musk
This tweet from Musk was a reply to a twitter user @Ryanth3nerd who tagged @tesla expressing his dissatisfaction by how prices of Tesla cars were going up while removing features for the Model Y.
In just concluded month of May, Tesla increased the prices of its Model Y and Model 3 vehicles respectively. This marked the fifth increment in vehicle prices by the EV manufacturer in just a few months.
During an earning call on April, Musk said they were experiencing some of the most difficult supply chain challenges in reference to a chip shortage.