In its first U.S. price adjustment of 2024, Tesla Inc (NASDAQ:TSLA) has opted to increase the price of the optional seven-seat configuration for the Model Y Long Range by $500. This move, affecting the cost of the popular electric SUV’s interior layout, reflects Tesla’s commitment to adapt to market dynamics and continue enhancing its vehicle offerings.
Model Y Long Range 7-Seat Option: New Pricing
The Model Y Long Range, known for its versatility and spacious design, now presents consumers with two seating choices: the standard five-seat layout, included in the base price, and the optional seven-seat interior. However, this additional seating option has witnessed a price adjustment, elevating its cost to $3,000.
This price change signifies a 20% increase from its previous cost of $2,500. The seven-seat configuration includes third-row seating for two individuals, providing easy access to the rear seats. Furthermore, the third-row seats can be conveniently folded to create extra cargo storage space, enhancing the Model Y’s adaptability.
Implications of the Adjustment
While the $500 increase may seem moderate, it is significant as the first price alteration for any Tesla vehicle in the U.S. since the beginning of 2024. This move by Tesla reflects the company’s responsiveness to evolving market conditions and its commitment to delivering cutting-edge electric vehicles that cater to consumer demands.
Interestingly, while Tesla has chosen to implement a price increase in the U.S., it simultaneously executed price reductions in China. In the Chinese market, Tesla reduced prices on the Model 3, with cuts of up to 6%, and on select versions of the Model Y, with reductions of up to 2.8%, on Thursday.
As Tesla continues to navigate the dynamic landscape of the global electric vehicle market, these strategic pricing decisions underscore the company’s dedication to staying agile and competitive.
