Toronto, Ontario — Tesla is raising prices by up to $300 in Canada for its Model 3 and Model Y vehicles, with similar price hikes being seen in China, Japan and the United States, just weeks after dropping prices by several thousand dollars.
According to an article first published by Reuters, this price hike applies to Tesla’s Model Y and Model 3 vehicles, but will still be 10 to 25 percent cheaper than at the start of the year.
Analysts said the move reflects Tesla’s dynamic pricing strategy, and is unlikely to undo the price cuts that sent Tesla’s gross margins to a two-year low in the first quarter.
“This doesn’t change much for the company. We would need to see several price increases for this to be an effective reversal (of the price cuts),” said Craig Irwin, analyst at Roth Capital.
