Tesla Inc has announced a range of price hikes on its vehicles in Canada, China, Japan, and the United States, according to the company’s website. This comes after the company lowered the prices of its top-selling vehicles earlier this year. The increase is the first time that Tesla has raised prices on its two best-selling models simultaneously in multiple markets, with prices across the brand’s lineup now much lower than they were at the start of the year. Despite the price hikes, shares in the company rose by almost 2% in early trading. CEO Elon Musk has said that Tesla is prioritizing sales growth and will focus on profitability once its self-driving software rolls out to a larger fleet of vehicles. The company shifted to a real-time pricing model that’s similar to airlines or ride-sharing firms in January. While the increase in prices reflects Tesla’s dynamic pricing strategy, it’s unlikely to undo the significant price cuts that impacted the company’s gross margins in Q1, according to industry analysts.
