Tesla raises the price of its Y crossover in the United States
Tesla raised the prices of its Model Y SUV in the United States late Friday.
The price of the Y Long Range increased by $1,500 to $54,990, while the Y Performance increased by $1,000 to $57,990, according to the company's website.
The move comes after the Biden administration made changes to make more crossovers eligible for a recently expanded electric vehicle tax credit.
The change, announced by the Treasury Department on Friday, expands the number of consumers who can take advantage of a $7,500 consumer tax credit by expanding the segment that falls under the SUV definition.
Under the Inflation Control Act, SUVs worth up to $80,000 can now receive tax credits.
Tesla cut the prices of several of its models earlier this month to stoke demand and qualify for the waivers. The Austin, Texas-based company sells its cars directly to consumers and adjusts its prices regularly.
CEO Elon Musk said last week on the company's quarterly earnings call that price cuts on some models have increased demand, and that Tesla has "raised the price of the Model Y slightly as a result of the increased demand for it."
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