Bulletins

Buying a Tesla is about to cost a lot more

The price hikes come after Elon Musk said Tesla was facing pressure from inflation.

Tesla's line up of cars.

Tesla is raising prices across its entire range.

Photo: Tesla

Tesla is jacking up prices of its electric vehicles for the second time in less than a week after Elon Musk said the company was facing pressure from inflation.


Electric vehicle prices are increasing between 5% and 10% across its entire range. Prices of the company's cheapest car, the Model 3 Rear-Wheel Drive, rose from $44,990 to $46,990. The cost of its more expensive Model X Tri motor increased from $126,490 to $138,990, according to The Verge. Just last week, the company also increased the price of some long-range models.

While the company and Musk haven't spoken publicly about the price raises specifically, Musk said earlier this week that inflation is hitting Tesla and SpaceX.

“Tesla & SpaceX are seeing significant recent inflation pressure in raw materials & logistics," he tweeted. He added, "And we are not alone," linking to a story about a rise in the prices of raw materials since the war in Ukraine unfolded.

The war may also have an effect on EV production. Russia is a massive supplier of nickel, which is used in batteries for many EVs, and the price of nickel has recently soared. Last month, Musk tweeted that nickel is the company's "biggest concern" for ramping up lithium-ion cell production. "That’s why we are shifting standard range cars to an iron cathode. Plenty of iron (and lithium)!" he tweeted.

The price hike follows a similar move by Rivian. The company announced it would raise prices for its two electric vehicles even for early reservation-holders. The company faced a ton of backlash for the move and walked back the retroactive increase, which Rivian executives blamed on inflation and the cost of materials. Many customers said they'd cancel their reservation for the vehicles as a result, but Tesla customers don't seem to be too worked up about the new prices — for now.

Latest Bulletins

LAS VEGAS - The software industry is in the midst of a tumultuous time. But at ServiceNow, CEO Bill McDermott is nothing but optimistic about the vendor’s outlook.

Keep Reading Show less

ClickUp laid off 7% of its staff on Monday morning, in a move that was called “unexpected” by several laid-off employees on LinkedIn. CEO Zeb Evans told Protocol the goal was to ensure ClickUp’s profitability and efficiency in the future.

"Yesterday, we made restructuring changes to optimize our business for utmost efficiency," Evans said. "In doing so, this puts us in a position to accelerate our timeline to profitability and ultimately achieve our goal of going public. We are by no means slowing down or pausing hiring, as we plan to hire 250 people this year and 300 more next year."

Keep Reading Show less

Ousted WeWork founder Adam Neumann is moving into crypto.

Flowcarbon, which counts Neumann and his wife Rebekah as co-founders, said Tuesday it has raised $70 million combined in venture funding, led by Andreessen Horowitz's crypto fund, and a token sale. The startup hopes to sell tokenized carbon credits on the blockchain.

Keep Reading Show less

A recent report from Andreessen Horowitz illustrates a sad state of affairs for the fintech industry, which has gotten clobbered in the tech-stocks downdraft. A chart included in the report shows fintech valuations in sharper decline than any other sector, by a significant margin.

Keep Reading Show less

Netflix is setting its sights on gaming beyond mobile, if a survey sent to subscribers this week is any indication. In the survey, the company asked respondents at length about their own gaming habits as well as their familiarity with a variety of game subscription services, including Xbox Game Pass, PlayStation Plus and Apple Arcade.

Keep Reading Show less

A California judge ruled that the sexual harassment case against Tesla can continue in court, despite the fact that the worker who brought the case had previously signed an arbitration agreement giving up her right to sue.

Keep Reading Show less

Startups that soared throughout the pandemic are now feeling the crunch, and on-demand grocery company Gorillas is the latest victim. The company announced Tuesday that it's laying off half its corporate staff, or about 300 employees around the world.

Keep Reading Show less

Netflix is releasing three new games Tuesday and plans to release Exploding Kittens, its most high-profile original game, on May 31, the company announced on Tuesday. Netflix says its catalog now includes 22 games in total.

Keep Reading Show less

Barely more than two weeks after it agreed to stop selling its existing collection of face prints to private entities, facial recognition firm Clearview AI has a brand new plan to sell its software to private companies instead.

Keep Reading Show less

LGBTQ+ workers are generally less satisfied with their employers than their straight, cisgender colleagues are, according to a new report from Glassdoor. But some companies are more popular with their LGBTQ+ employees than others.

Keep Reading Show less

Last year saw a notable jump in ransomware attacks that included exfiltration of data as a component, highlighting an ongoing shift in the way the attacks are monetized, according to Verizon's major annual breach report.

Keep Reading Show less

Snap is the latest tech giant to join The Great Hunkering Down. Like other social media companies that flourished during lockdown, the company is struggling to meet earnings estimates and will slow hiring.

Keep Reading Show less

Spotify stopped hosting political ads on its services in early 2020, citing a lack of “robustness” in its systems, ahead of what turned out to be the ugliest U.S. election in recent history.

Two years later, as the midterm primaries get going, the company is courting political advertisers once again, according to a company presentation and marketing email viewed by Protocol.

Keep Reading Show less

Quality assurance testers at Call of Duty studio Raven Software have voted overwhelmingly to form a union with the Communications Workers of America, marking a historic labor victory for the video game industry. The vote, with the Milwaukee office of the National Labor Relations Board, was 19-3.

Keep Reading Show less

Federal labor prosecutors in California plan to file a complaint against Activision Blizzard for illegally threatening workers if the company doesn't agree to a settlement, according to National Labor Relations Board spokesperson Kayla Blado.

Keep Reading Show less

Swedish "buy now, pay later" company Klarna is laying off 10% of its workforce, CEO Sebastian Siemiatkowski told staff via a pre-recorded video call Monday. Interest in pay-later products has sagged somewhat as consumers have felt more financially strapped and advocates in the U.S. began investigating the deferred payment plans last year. Klarna has reportedly been looking for more funding, potentially at a lower valuation.

Keep Reading Show less

The New York State Common Retirement Fund, one of the nation’s largest pension funds, announced that it will vote to remove all of Twitter’s directors at this week’s annual shareholder meeting. The vote against the directors is unlikely to result in change, but it shows mounting institutional pressure for Twitter to resist Elon Musk’s vision for relaxed content moderation policies.

Keep Reading Show less

Apple is looking to boost global production outside of China as the country’s "zero-COVID" strategy cripples production facilities, the Wall Street Journal reported.

The strict lockdown, which has been described by the WHO as "not sustainable," has shut down large cities, including Shanghai, as the highly infectious omicron variant spreads.

Keep Reading Show less

As the Supreme Court weighs whether to block Texas' social media "censorship" law, a court of appeals has decided to uphold the injunction on a similar Florida law, finding that social media companies "are 'private actors' whose rights the First Amendment protects."

Keep Reading Show less

GameStop is all about Web3: The company announced on Monday that it will launch a digital wallet for crypto and NFTs.

The GameStop wallet can be used across apps without users needing to leave their browsers, the company said in a statement. The self-custodial Ethereum wallet gives users access to the keys to their digital assets rather than trusting them with a third party, and is available for download as an extension on Google Chrome's web store as well as on web browser Brave. The wallet will also be available as an iPhone app down the line, according to the GameStop wallet website. The wallet uses Loopring for transactions, a Layer 2 solution that's meant to lower transaction fees.

Keep Reading Show less

D.C. Attorney General Karl Racine is suing Mark Zuckerberg, alleging the Meta CEO was responsible for decisions that opened the door for the Cambridge Analytica scandal.

Keep Reading Show less

The U.K.'s Information Commissioner’s Office, the country's privacy watchdog, has ordered facial recognition company Clearview AI to delete all data belonging to the country's residents.

Keep Reading Show less

Meta will finally give researchers access to targeting data for political ads — information that academics have been clamoring for and using legally risky workarounds to collect on their own for years.

Keep Reading Show less

Coinbase just celebrated its 10th birthday. And the crypto powerhouse marked the milestone on a defiant note, with a snarky TV ad clapping back at crypto bashers.

Keep Reading Show less

Google is allowing some Android apps to use their own payment systems after getting into battles with both Match Group and Epic Games' Bandcamp, but the move might be temporary. The company is facing legal action for requiring apps in the Google Play Store to use its billing, and the interim solution Google came up with is to let those apps use their own payments — with a catch.

Keep Reading Show less
Bulletins