Tesla Model Y price hike already, as Model 3 cost also increases

UPDATE: Model Y driven in Australia

The Tesla Model Y is now in Australia, and we've driven it. We've also now compared it directly with Kia's EV6, on the road. Catch our video and reviews at the links below.

The story to here: Model Y price increase

The cost of the Tesla Model Y has increased by up to five per cent only a week after pricing was confirmed for the American electric SUV.

Pricing for the entry-level Model Y RWD has jumped from $68,900 to $72,300, while the Performance flagship has increased from $93,900 to $96,700.

Buyers will need to find nearly $78,000 to drive away in a Model Y once on-road costs are factored in.

The price of the Model Y Performance has increased by about $4500 when factoring in on-road costs - up from about $105,000 to $109,400 driveaway.

The most affordable Model Y is further distanced from its closest rival, the Kia EV6 that starts from $67,900.

Unlike the base Model 3, the Model Y misses out on the $3000 EV rebates in NSW, Victoria, and South Australia.

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The sedan relative of the Model Y, the Model 3, has also undergone further price increases.

The Tesla Model 3 starting cost has been lifted from $63,900 to $65,500. The RWD Model 3 was priced from $59,900 as recently as March 2022.

Long Range and Performance versions of the Model 3 have increased for the second time this year – from $76,200 to $80,000 and from $88,900 to $91,600, respectively.

Tesla Australia is not currently publishing prices for its Model S large sedan and Model X large SUV.

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Tesla has increased prices around the world in the past 24 hours, though the practice has been an ongoing trend.

The US company’s CEO, Elon Musk, has previously cited supply issues including raw materials and the microchip shortage, though the latest pricing move is likely a reaction to sharply rising inflation.

The United States recently introduced its steepest interest rate hike since the early 1990s.

Australian delivery windows for the Tesla Model Y and Model 3 are both currently quoted between February and May 2023.

Check in on Wednesday 22nd June for our first Australian drive of the Tesla Model Y.

Tesla Model Y Pricing

(Revised, June 2022)

• Model Y RWD $72,300 (+$3400)
• Model Y Performance $96,700 (+$2800/+$4400apx in DA pricing)

Tesla Model 3 Pricing

(Revised, June 2022)

• RWD $65,500 (+$1600)
• Long Range $80,000 (+$3800)
• Performance $91,600 (+$2700)