Tesla Hikes Model X Price By $5000, Making It More Expensive Than Cybertruck

EV giant Tesla Inc. (NASDAQ:TSLA) on Thursday hiked prices on its premium Model X SUV by $5,000, effectively making the all-wheel drive version ineligible for a federal EV tax credit of $7,500.

What Happened: According to Tesla’s U.S. website, the all-wheel drive is now priced at $84,990 while the more premium Plaid variant is priced at $99,990.

Tesla offered no reasons for the price hike on its website. The company did not immediately respond to Benzinga‘s request for comment either.

Previously, the base version of the Model X qualified for a federal tax credit as it was priced at $79,990, below the price limit of $80,000 required to be eligible.

Why It Matters: The Model X is now Tesla’s most expensive offering in the U.S.

The company’s other premium vehicle offerings – the Model S and the Cybertruck – start at $79,990 for the base variant. The base version of the Cybertruck is also eligible for the EV tax credit, increasing the effective price for eligible customers to $72,490.

Tesla launched a refreshed version of its more affordable SUV – the Model Y, last month. The long-range all-wheel drive variant of the refreshed vehicle is priced at $59,990 or 25% more expensive than its predecessor. Deliveries of the refreshed vehicle are slated to start in March.

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Photo courtesy: Tesla