Tesla’s Prices Increase Due to Supply Chain Pressure

The prices of Tesla (TSLA.O) vehicles are increasing due to the supply chain pressures across the automobile industries, mainly for raw materials, as Elon Musk, the CEO of Tesla Motors, told in reply to a tweet on Monday.

Musk said in a tweet that prices have been increasing due to the major supply chain price pressure industry-wide, especially on raw materials.Earlier in the month of May, Tesla increased its Model 3 and Model Y prices, and this is the carmaker’s fifth incremental price increase for its vehicles in just a few months, as reported by the Electrek website.

Musk was seen replying to an unverified Twitter account @Ryanth3nerd, and he was explaining why the prices of Tesla vehicles have gone up. Moreover, Musk is also known as one of the richest people in the world.On Monday, the Electrek also reported that the new Model Y owners are writing that their electric SUVs are being transported without any lumbar support from the passenger’s side.

Replying to the exclusion of lumbar support from the passenger side in Tesla Model Y, Musk said that moving lumbar was removed only in the front passenger seat of Model 3 and Model Y. Woods showed almost uselessness. Not worth the cost or mass for everyone when it is almost never used.During a conference call related to earnings was held in April. Musk told during the call that had faced some of the most problematic supply chain challenges and also mentioned difficulties in chip shortage. “We’re mostly out of that particular problem,” Musk further stated at the time.