Tesla, Inc.'s (NASDAQ:TSLA) Model Y SUVs have become more expensive in Canada following another round of price hikes in the country.
What Happened: Tesla has listed the prices of its two Model Y variants – Long Range and Performance – as C$83,990 and C$90,390, respectively on its Canadian website. This represents a C$1,000 hike for each of the variants.
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The entry-level LR variant was priced at C$69,990 late last year, and a series of hikes announced between then and now has pushed prices to the current C$83,990, DriveTeslaCanada reported. This suggests the Model Y price has seen a C$14,000 hike in about six months.
Why It's Important: Automakers have been forced to upwardly adjust prices amid the supply chain disruptions that have sent input prices soaring and components in short supply. Despite fears of demand destruction, the companies were left with no option but to pass on the input cost inflation in order to avoid denting their bottom lines.
Tesla has announced multiple price hikes across its models globally ever since last year. Going by the lengthier lead times for Tesla vehicles, the hikes have not had any adverse impact on demand. The delivery time of the Model Y LR variant in Canada is mentioned as between November 2022 and February 2023.
Tesla stock closed Thursday's session down 8.33% at $873.28, according to BenzingaPro data.
Related Link: Why This Analyst Remains 'Steadfastly Bullish' On Tesla Story Following Q1 Deliveries
Photo courtesy: Tesla
