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Tesla Model 3, Model Y get more expensive as automaker jacks up prices again

The $500 bump is the latest in a series of price increases Tesla put in place this year.

Tesla Model 3

If you ordered a Tesla Model 3 earlier this week, good job -- as of sometime in the wee morning hours of Friday, Tesla instituted yet another price increase for the electric sedan. Tesla Model Y prices jump up again too, as the company's website now shows.

The Model 3 became a $40,000 vehicle last month, but as of today, the cheapest version, the Standard Range, now sits closer to $41,000 at $40,690. The Long Range version increases to $49,690. All prices include a $1,200 destination charge and show Tesla bumped up the actual price by $500 for both vehicles. The Model 3 Performance holds steady at $58,190. And keep in mind, these prices assume you select a white exterior color; any other hue and the price increases by at least $1,000.

As for the Model Y, it also sees a $500 price increase for the Long Range AWD variant, and now costs $52,690. Like its sedan counterpart, the Model Y Performance doesn't get a price increase this time around and remains at $62,190.

Tesla does not operate a public relations department to field requests for comment, so we don't have an official answer for why these increases continue to occur so frequently. The automaker has never followed "traditional" model year cycles, often updating its cars at a moment's notice and rejiggering prices accordingly. However, this year, we've already seen more increases compared to years past. One possible explanation is Tesla is simply cashing in on high demand for its cars. On the other hand, the company may need to pass along additional costs to buyers as the global semiconductor chip shortage ravages automotive supply chains.