Tesla increase prices of its Model Y electric cars for the US market

Tesla one of the major electric makers has announced to increase in the price of its electric cars owing to the supply chain shortage.

Tesla has announced a price increase for their car models in the United States of America. This is not the first time Tesla is increasing the prices of its electric cars in recent times. The timing of the price hike is important as it comes amidst the ongoing supply chain shortages owing to the Ukraine-Russia war and the ongoing chip crisis.

According to its official website, Tesla has raised the long-term price of its Model Y to $65,990 from $62,990. This follows a month-long delay in the delivery of some long-range models in the United States.

The price increase comes after Tesla CEO Elon Musk recently warned about the risk of a recession. He also stated that the supply chain disruption has had a significant impact on Tesla's production and sales.

The price increase is due to rising raw material costs, including aluminium, which is used in automobiles. Aside from that, other components such as microchips and raw materials have seen rising prices.

Meanwhile, earlier Tesla's CEO had also announced that he wanted 10 per cent of the jobs in the electric car-making firm. The information came just two days after the company had called back the employees back to the office.