Tesla Increases the Price of Model X and Model S by $5,000

United States leading electric vehicle manufacturer Tesla Inc. (TSLA) has hiked the prices of its Model X Long Range and Model S Long Range variants by $5,000. This price increment announcement was made by the company through its official website during the past weekend.

Going forward, the Model X Long Range will be going for $104,990 while the Model S Long Range will be going for $94,990.

Also citing the company’s website, Tesla increased the price of Model 3 Standard Range Plus and Model Y Long Range by $2,000. This means that, Tesla’s Model Y Long Range will now be going for $56,990 while the Model 3 Standard Range Plus will be going for $43,990.

This development comes at a time when the automobile industry is being affected significantly by the global chip shortage. Several high profile vehicle manufactures have complained of major productions disruptions due to the shortage.

This chip shortage has resulted to some auto manufacturers suspending production activities at their factories.

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