soar

Tesla hikes car prices by thousands of dollars as costs for raw materials soar

Tesla, the world’s largest producer of electric cars, has raised the price of its vehicles by thousands of dollars in just the past two weeks as the price of raw materials like metal have skyrocketed

The listed prices of several new Tesla models climbed Tuesday, according to the company website, compared to the prices from March 1. Tesla CEO Elon Musk hinted earlier at why prices are rising, saying in a tweet Sunday that the company is “seeing significant recent inflation pressure in raw materials and logistics.”

Tesla’s Model X now costs $114,900, a jump of more than $10,000. The Model S price has risen by $5,000, to $99,990; the Model 3 Performance price by $3,000, to $61,990; and the Model Y price by $4,000, to $62,990.

Across

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Carmakers’ chip shortage that caused prices to soar may be ending

Automakers may soon get a lot more of the chips they need to get cars for sale.

Why it matters: Winter weather, a fire and the COVID-19 pandemic have contributed to a shortage in chips that has stalled the production of new cars.

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Driving the news: Chip giant Taiwan Semiconductor reported its Q2 earnings on Thursday, and with it announced relief was coming for automakers in need of chips.

  • On a call with analysts, CEO C.C. Wei said its production of micro-controlling units for cars would be up 60% in 2021 compared to last year.

  • “By taking such actions, we expect the automotive component shortage from semiconductors to be greatly reduced for TSMC customers starting this quarter,” he said.

  • Taiwan Semiconductor controls a little over half of the chip production market share as measured by dollar value.

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Used car values soar due to chip shortage, how to cash in on your clunker

A microchip shortage that is slowing down new car production is also turning up the heat in the used car market.

With fewer new cars to buy, consumer demand for used cars is going into overdrive.

Auto experts say you can get a good deal if you want to sell or trade in your used car.

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“The lack of new cars being sold causes a problem with used cars. There’s no trade ins,” said Bill Haggerty, dealer and operator of Haggerty Buick GMC.

There are not a lot of used cars out there because consumers have been buying them since new car production is slow due to the

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