EV giant Tesla Inc TSLA has increased prices on certain models in the US, China, Japan and Canada.
What happened: In the US, Tesla increased the prices of the Model Y and Model 3 by $250, according to the company’s website.
| model name | current price | previous price |
| Model Y AWD | $47,240 | $46,990 |
| Model Y with long range | $50,240 | $49,990 |
| Model YP | $54,240 | $53,990 |
| Model 3RWD | $40,240 | $39,990 |
| Model 3 performance | $53,240 | $52,990 |
In China, Tesla’s second-largest market, the electric vehicle maker increased the prices of Model 3 and Model Y by 2,000 yuan, or about $290.
The EV giant also increased prices of its performance crossover Model 3 and Model Y by CAD 300 each in Canada, and prices of the entry-level Model 3 by 37,000 yen in Japan, according to the statement Reuters.
Why it matters: The price increase follows a series of price cuts that began with Price reductions of up to 19.7% in January.
The price drops activated better deliveries in the first quarter for the EV giant and increased pressure on rival EV manufacturers to cut costs to combat competition.
Tesla delivered a total of 422,875 vehicles in the first quarter, up 4.34% from the fourth quarter’s 405,278 units.
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Continue reading: You cannot currently order a Tesla Model S or Model X if you live in those countries
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