Tesla raises Model S and Model X prices after two weeks of cuts

Tesla's share price fell nearly 10 percent after the company released its financial report for the first quarter of 2023. This likely prompted the company to raise the price of the Model S and Model X electric cars.

Here's What We Know

Tesla has decided to take back half of the price cuts. Earlier this month, the Model S and Model X went down in price by $5,000. Now both electric cars have gone up in price by $2500.

The impact of the increase in the cost of the vehicles on Elon Musk's financial performance will be at the margin of error. This is because the Model S and Model X have a modest share (less than 5%) of total sales.

Tesla representatives said at the quarterly event that the cost of electric cars will both rise and fall during the year, influenced by many factors. The Model X and Model S in the base variants now cost $97,490 and $87,490 respectively. Plaid versions are both priced at $107,490.

Source: Tesla