Tesla raises the price of its Model Y
Tesla is raising the price for the Model Y after the U.S. government issued a rule change for its EC tax credit.
Here’s what you need to know:
Tesla hiked the price of its Model Y Long Range by 2%, giving the electric vehicle a new price tag of $54,990.
The price hike is coming on the heels of a significant rule change for how the government defines an SUV, allowing more vehicles to fall within the SUV category and still qualify for the federal government’s $7,500 EV tax credit, even at higher prices.
Tesla CEO Elon Musk has publicly criticized the government’s eligibility rules in the past, and just last week met with top White House officials to discuss “shared goals around electrification” and advancing electric vehicle production.
The adjusted guidance now caps the Model Y’s eligibility for the tax credit at $80,000, giving Tesla a lot more room to run, in terms of incrementally raising prices.
The bottom line for consumers looking at EVs — you might want to order one now before prices rise again.