Monday, February 6, 2023
Khmer Daily Cambodia News
34 °c
Phnom Penh
  • LATEST
  • CAMBODIA
  • ASIA
    • JAPAN
    • SOUTH KOREA
    • TAIWAN
  • WORLD
    • CHINA
    • RUSSIA
  • BUSINESS CAMBODIA
  • TECHNOLOGY
No Result
View All Result
  • LATEST
  • CAMBODIA
  • ASIA
    • JAPAN
    • SOUTH KOREA
    • TAIWAN
  • WORLD
    • CHINA
    • RUSSIA
  • BUSINESS CAMBODIA
  • TECHNOLOGY
No Result
View All Result
The Khmer Daily
No Result
View All Result
Home World US

Tesla hikes car prices by thousands of dollars as costs for raw materials soar

March 22, 2022
in Tech, US, World
0
Tesla hikes car prices by thousands of dollars as costs for raw materials soar
0
SHARES
7
VIEWS
Share on FacebookShare on Twitter

Tesla, the world’s largest producer of electric cars, has raised the price of its vehicles by thousands of dollars in just the past two weeks as the price of raw materials like metal have skyrocketed.

The listed prices of several new Tesla models climbed Tuesday, according to the company website, compared to the prices from March 1. Tesla CEO Elon Musk hinted earlier at why prices are rising, saying in a tweet Sunday that the company is “seeing significant recent inflation pressure in raw materials and logistics.”

Tesla & SpaceX are seeing significant recent inflation pressure in raw materials & logistics

— Elon Musk (@elonmusk) March 14, 2022

Tesla’s Model X now costs $114,900, a jump of more than $10,000. The Model S price has risen by $5,000, to $99,990; the Model 3 Performance price by $3,000, to $61,990; and the Model Y price by $4,000, to $62,990.

Across the company, the most recent Tesla price hikes are between 3% and 5% in the U.S. and China, Dan Levy, a Credit Suisse analyst, said in a research note. While it’s unclear exactly when the price hikes took place, Reuters reported Tesla has raised its prices twice in just a few days. Tesla did not respond to a request for comment on its prices hikes Tuesday.

The costs of cars — both gas-powered and electric-powered — are soaring as inflation drives up the price of everything from food and rent to clothing and appliances.

Consumer prices in February grew at an annual rate of 7.9%, the U.S. Labor Department said last week — the fastest pace of inflation since 1982. But the average price for a new car is up 12% from a year ago, the Labor Department reports. A typical new car now costs $46,404, according to Kelley Blue Book.

(The price of used cars has increased a stunning 41% in the past year, as demand far outstripped supply. The average price of a used car is roughly $29,000, according to Edmunds.)

Automotive industry experts predicted price hikes for new vehicles would come soon after they saw the prices of aluminum, nickel and palladium blast off in recent weeks as Russia’s February 24 invasion of Ukraine appeared more and more imminent. Analysts at S&P Global Mobility told CBS MoneyWatch they expect the price of a Mercedes EQS to jump as much as $11,000 due to higher metal prices.

Aluminum, nickel and palladium are used to make catalytic converters, air conditioner condensers and other essential car parts. Nickel is used to make batteries found in Tesla’s Model Y, for instance.

The Russia-Ukraine war is driving up metal prices further as more and more U.S. and European companies cut ties with Russian metal producers.

This article was first published in CBS News . All contents and images are copyright to their respective owners and sources.

Tags: #TeslaElon MuskInflationRussia-UkraineUkraine War
Previous Post

Called out by Volodymyr Zelenskyy, Nestle defends its Russia business

Next Post

Asean peace envoy begins Myanmar trip as opponents deride visit

Related Posts

King Charles III won’t appear on Australia’s cash as country drops U.K. royals from banknotes

King Charles III won’t appear on Australia’s cash as country drops U.K. royals from banknotes

by CBS News
February 3, 2023
0
8

Australia has decided it's had enough of the British monarchy - at least on its dollar bills. The country will...

China asks Japan to stop ‘right-wing’ provocations on East China Sea islands

China asks Japan to stop ‘right-wing’ provocations on East China Sea islands

by AsiaOne
February 3, 2023
0
4

BEIJING — Chinese Foreign Minister Qin Gang and his Japanese counterpart Yoshimasa Hayashi discussed disputed islands in the East China Sea...

Man United’s Greenwood has all charges against him dropped

Man United’s Greenwood has all charges against him dropped

by AsiaOne
February 3, 2023
0
8

MANCHESTER — Manchester United forward Mason Greenwood has had all criminal charges against him dropped, police and prosecutors said on Thursday (Feb...

Most Popular

Passenger in Nepal plane crash livestreams last seconds of his life on Facebook

Passenger in Nepal plane crash livestreams last seconds of his life on Facebook

January 18, 2023
31
Nepal plane crash searchers rappel, fly drones to find last passengers

Nepal plane crash searchers rappel, fly drones to find last passengers

January 18, 2023
26
Prince William feared Prince Harry was being ‘brainwashed’ by his therapist

Prince William feared Prince Harry was being ‘brainwashed’ by his therapist

January 9, 2023
17
Japanese firm to study urban, provincial railways in Cambodia

Japanese firm to study urban, provincial railways in Cambodia

January 11, 2023
16
Cambodia to build $300 million International airport on Koh Rong Island

Cambodia to build $300 million International airport on Koh Rong Island

January 19, 2023
16
UK paper group bids to throw out Prince Harry and others’ privacy lawsuits

UK paper group bids to throw out Prince Harry and others’ privacy lawsuits

January 14, 2023
15

© 2020 By Khmer Daily News

No Result
View All Result
  • Home
  • Latest
  • Cambodia
  • ASIA
  • World
  • Business
  • Tech

© 2019 The Khmer Daily.

error: Content is protected !!