Recently Telsa increased the prices of its vehicles. However, this only seems to drive up demand even more. Following the recent price hikes, wait times for some Tesla variants like the Model Y have gotten even longer.
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A few days ago, Tesla once again increased the price of its vehicles. The recent price bump ranges anywhere from $1,000 for the Long Range Model 3 to $6,000 for the All-Wheel-Drive Model X.
However, if you added all the price increases in the past year and a half, some Tesla variants, like the All-Wheel-Drive Model S, are now 50% more expensive.
Most of us would assume all the recent price hikes will dissuade people from ordering a Tesla. However, on the contrary, every time Tesla increases the price of the company’s vehicles, there is a flood of new orders from individuals who were on the fence afraid the prices would go even higher.
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Tesla doesn’t share incoming orders so it’s impossible to say how the backlog is growing day by day however, there are still a couple of ways to gauge demand for Tesla vehicles.
First is anecdotal reports on various social media platforms of people posting that they finally decided to pull the trigger and order a Tesla after a price increase.
For example, after the recent price hike, there was an unusually high number of individuals posting that they finally decided to order a Tesla and most of them said the reason they ordered was due to the price increase.
The second and perhaps more reliable way to gauge demand is the wait time for some Tesla vehicles. For example, after the recent price bump in China wait times for the various trims become even longer.
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According to Ray4Tesla, who’s a Tesla enthusiast and investor “amazingly, though the price for MIC Model Y LR has gone up by 19k RMB, the wait time is 20-24 weeks, 10 weeks more than all other trims.”
Ray followed up his Tweet with a conversation he had with a Tesla sales representative saying “looks like there is a rush in China to order Model 3 & Model Y RWD & P version since the LR version price was increased by ￥19k on 6/17. According to one sales rep, she had to work overtime to help customers to secure orders. People fear price hikes may come for other trims.”
Having to wait up to a year is certainly disappointing for anyone looking to get a Tesla. However, the EV maker is working as hard as possible to increase production output.
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Just in the first few months of this year, Tesla has inaugurated 2 new factories on 2 continents. The EV maker is also increasing production capacity at two of its operational factories. According to Musk, Tesla’s Fremont California plant is working to increase production by as much as 50%.
And in China, Tesla is building a new plant adjacent to Giga Shanghai that will output 450,000 vehicles a year. When all these expansion projects are completed, it will without a doubt significantly cut the wait time for Tesla vehicles.
We will be sure to keep you updated on the EV maker’s various expansion plans and how they affect wait times. Until then, make sure to visit our site torquenews.com/Tesla regularly for the latest updates.
So what do you think? Disappointed to learn some Tesla vehicles already have a 2-year backlog? Also, what do you think this means for Tesla’s stock? Let me know your thoughts in the comments below.
Image: Courtesy of Tesla
For more information check out: Tesla CEO Elon Musk Says ‘Rivian & Lucid Will Both Go Bankrupt & End Up In The Cemetery’
Tinsae Aregay has been following Tesla and The evolution of the EV space on a daily basis for several years. He covers everything about Tesla from the cars to Elon Musk, the energy business, and autonomy. Follow Tinsae on Twitter at @TinsaeAregay for daily Tesla news.
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