Business Desk 
Feb 07, 2025
In a bid to address its revenue shortfall, Elon Musk-owned Tesla has increased the prices of its Model X electric vehicles (EVs) in the United States by $5,000 on Thursday.
The new price of the Tesla Model X all-wheel drive is $84,990 after undergoing the said price hike. Previous, the cost of the Tesla Model X was $79,990, the EV maker said.
According to Reuters, citing the EV maker's official website, the Tesla Model X plaid variant will now cost buyers $99,990. It was previously listed at a price tag of $94,990.
The rise in Tesla Model X prices comes on the heels of the automaker jacking up the cost of its Model S EVs in the US by $5,000 in December 2024.
Unlike the US, the prices of the entire range of Tesla vehicles registered a $5,000 spike in Canada. The updated rates of Tesla EVs in Canada took effect on February 1 last week.
As of now, while no viable cause has prompted a sudden rise in Tesla EVs' rates, this is well aligned with the company's active efforts to bring down the cost of production.
The company last month reported that because of a price cut in raw materials, the average manufacturing cost of materials and labour for its EVs dropped to its lowest by the fourth quarter of 2024.
