A study from Kelley Blue Book has revealed that Tesla has the lowest price increase rate between September 2020 and September 2021, of all major automobile manufacturers. The average cost of a new car in the United States hit an all-time high in August 2021, increasing by 3.7% from August 2021 to September 2021.
According to the KBB data, worldwide vehicle pricing increases have been rampant. While global automobile manufacturers were compelled to raise prices owing to semiconductor shortages and supply chain obstructions, each rate increase was dependent on the manufacturer. However, certain car producers increased prices significantly more than others. Tesla, which raised prices the least of any automaker by a wide margin.
(Credit: Kelly Blue Book via Teslarati)
Tesla’s prices rose by just 1.5% in the period from September 2020 to September 2021, according to data from the KBB study. The average for the industry was 12.1%, with Daimler bearing the main burden of price hikes at 25.8 percent over the same time frame. Mitsubishi (23.8%), General Motors (21.6%) and others saw greater than 20% percentage price rises during this period. Tesla and Subaru were among the two companies with the smallest year-over-year increases, with price hikes of 6.3%.
The Tesla Cybertruck’s Single Motor variant is the only one under $40,000, which isn’t due to be built for several years because the firm prioritizes the more pricey but more capable Dual and Tri-Motor variants. The Tesla Cybertruck will be produced at Tesla’s Gigafactory Texas in Austin.
According to KBB’s study, the increased cost of new cars was not due solely to supply chain constraints. In fact, buyer preferences exacerbated the price increase even further. “The car mix changed in September away from lower-priced sedans, compacts, and entry-level segments towards more-expensive pickups, SUVs, and the luxury market,” KBB stated.
September was a historic month for midsize SUV sales, according to Cox Automotive analyst Kayla Reynolds. Sales of full-size pickup trucks also increased in September. “Sales of lower-priced compact and midsize cars, which had been monopolizing more market share during the summer, fell in September,” she added. We anticipate prices to remain high as long as new vehicle inventory is restricted.
Tesla has repeatedly increased vehicle prices this year as a result of high demand and supply shortages. The company’s most inexpensive car, the Model 3 SR+, is nevertheless below the national average new car price at $41,990