Tesla Model 3 wait times reduced after 10% increase in prices and Model Y release

The wait times for new Tesla Model 3 electric cars have come down slightly, after Tesla implemented its third price hike for the year on Friday.

Just a week after the launch of the Tesla Model Y in Australia, prices for the Tesla Model 3 and the newly launch Model Y were increased by several thousand. Tesla increases price of Model 3 sedan and Model Y crossover in Australia by up to $3,800

Thaet takes the total price rise since the start of the year for the most popular variant of Australia’s best selling EV to around 10 per cent. So what does this price tracking data over time reveal and how significant is it for Australia’s EV uptake in 2022 and beyond?

Prices rise by nearly 10% since the start of 2022

EV price tracking data reveals that the price of the Tesla Model 3 RWD (previously SR+) has seen an increase of 9.35% since the beginning of this year. This variant, which comes with a LFP battery pack, has by far been the most popular EV variant for the last two years.

All three Model 3 variants have followed the same trajectory in terms of price increases since the beginning of 2022. Although these increases are high, Australians are still paying less for the Tesla Model 3 compared to many early adopters who paid a higher price.

Part of the reason for the Tesla Model 3 RWD uptake success has been its eligibility for subsidies available in certain states and territories.  These price increases, and the launch of Tesla’s highly anticipated Model Y, have bought wait time down.

Back in April, the wait times for the Tesla Model 3 were as high as 9-12 months for new Australian customers.

These have now come down to 8-11 months which is good news for new customers. Wait times for new Tesla Model 3s are now showing between February and May 2023.

Recent data has also shown that with the launch of the new Tesla Model Y in the Australian market, a lot more used Tesla Model 3s have become available.

Those that want to skip this wait have more options with a 75% increase in used Tesla Model 3 EVs coming up for sale in under a week. Prices for these used EVs are still at a premium but will come down as more supply from Tesla becomes available over the coming months.

Tesla price increases won’t impact Australian EV uptake

These latest price increases will not have a significant impact on EV uptake in 2022, with the Shanghai factory having reached full production and a significant amount of produced Tesla Model 3s and Model Ys expected to land over the next 3 months.

On top of that, the start of more state subsidies from July and the arrival of the new BYD Atto 3 and the MG ZS EV landing in Australia at the same time will start to fill the EV affordability gap. EV uptake is only going to soar from here.