logo
Tesla upgrades its Model S and X cars in US, raises prices by $5,000

Tesla upgrades its Model S and X cars in US, raises prices by $5,000

Reuters19 hours ago

June 13 (Reuters) - Tesla (TSLA.O), opens new tab said on Thursday it upgraded its Model S and Model X cars in the U.S. and raised their prices by $5,000, according to the electric vehicle maker's post on X and its website.
Prices were hiked for all configurations of the two models by $5,000, Tesla's website showed.
The all-wheel drive version of Model X costs $89,990, while its plaid variant is priced at $104,990. The model S all-wheel drive now costs $84,990 and its plaid variant is $99,990.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Why Gen Z and Millennials Are Feeling the Most Car Buying Pressure
Why Gen Z and Millennials Are Feeling the Most Car Buying Pressure

Auto Blog

time26 minutes ago

  • Auto Blog

Why Gen Z and Millennials Are Feeling the Most Car Buying Pressure

New data from Bank of America shows that younger buyers are getting the financial short end of the stick at the dealership. Cars continue to be an expensive necessity The United States is a land where its people rely on cars for their everyday transportation needs; however, purchasing a new or used vehicle can often feel like an extensive financial cross-examination rather than a straightforward and effortless transaction at dealerships and car lots. If you have been to your local dealerships, scrolled the options on car-buying websites, or curiously poked around at the newest cars on the websites of any automaker these days, you are probably more than aware that new cars today are very expensive. Previous Pause Next Unmute 0:00 / 0:10 2025 Ford Maverick: 4 reasons to love it, 2 reasons to think twice Watch More According to the latest data from Kelley Blue Book and Cox Automotive, the average cost of a new car in the U.S. reached an astonishing $48,883 as of June 2, 2025; a high price tag that can discourage even the most enthusiastic car buyers. However, recent findings from Bank of America indicate that younger buyers are significantly influencing current trends in the auto market, although their motivations are not always driven by sound financial reasoning. A Hyundai dealership in Richmond, California, US, on Thursday, May 29, 2025. Bank of America: Younger car buyers got the tariff shock When the Trump administration announced a 25% tariff on imported cars and car parts in late March, BofA researchers and analysts saw that some concerned buyers rushed to purchase vehicles before the tariffs could translate into higher sticker prices. The bank saw a sharp spike in car loan applications in late March and April, with sales data peaking at a seasonally adjusted annualized rate (SAAR) of 17.8 million. However, a deeper dive into its data reveals that Gen Z and younger Millennials were much more active in this pre-tariff buying spree than older demographics. From March to May 2025, Bank of America found that large payments (those over $2,000) to car dealers and finance companies were steadily rising among these younger age groups in comparison to older buyers. What this shows is that younger consumers seemed more motivated to lock in prices before tariffs made vehicles even more expensive than they already were. Unlike Baby Boomers or Gen Xers, many Gen Z and Millennial buyers are either purchasing their first or second car, and they're entering the market at an unaffordable time by all kinds of metrics. Autoblog Newsletter Autoblog brings you car news; expert reviews and exciting pictures and video. Research and compare vehicles, too. Sign up or sign in with Google Facebook Microsoft Apple By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. The deck is already stacked against younger car buyers According to Bank of America payments data, the median monthly car payment has jumped over 30% since 2019, outpacing the rise in new and used vehicle prices. This data point proves that a car can be a financial ballast for young people who have to balance monthly costs like rent, groceries, student loans, and other miscellaneous subscription-based services they may be in for. Today, one in five U.S. households pays more than $1,000 a month ($12,000 per year) just for their car payments, which can be a massive financial burden for younger buyers. In fact, between June 2024 and May 2025, a significantly higher share of younger buyers saw their monthly car payments climb. Bank of America data shows that Gen Z and younger Millennial car buyers accounted for the biggest year-over-year increase in the percentage of households who paid more than $500 per month for their cars, with some paying $1,000 or more. Toyota Corolla Hatchback SE — Source: Toyota However, the financial data isn't entirely age-related; it's also tied to income. Many younger buyers tend to earn less money and fall into the lower or middle-income brackets, meaning their margins and budgets are tighter than most. According to the report, lower-income buyers also showed increased activity in the pre-tariff rush, further underscoring how policy shifts like tariffs can hit the most vulnerable groups hardest. Nonetheless, young people are committed to car ownership because they need to get around, even if it means buying a car at a time when cars are more expensive than ever and loans are harder to get. According to data from The New York Federal Reserve, the likelihood of getting turned down for a car loan reached 33.5% in February 2025, the highest level on record. The deck is already stacked against younger car buyers According to Bank of America payments data, the median monthly car payment has jumped over 30% since 2019, outpacing the rise in new and used vehicle prices. This data point proves that a car can be a financial ballast for young people who have to balance monthly costs like rent, groceries, student loans, and other miscellaneous subscription-based services they may be in for. Today, one in five U.S. households pays more than $1,000 a month ($12,000/year) just for their car notes, which can be a massive financial burden for younger buyers. In fact, between June 2024 and May 2025, a significantly higher share of younger buyers saw their monthly car payments climb. Bank of America data shows that Gen Z and younger Millennial car buyers accounted for the biggest year-over-year increase in the percentage of households who paid more than $500 per month for their cars, with some paying $1,000 or more. CarMax dealership However, the financial data isn't entirely age-related; it's also tied to income. Many younger buyers tend to earn less money and fall into the lower or middle-income brackets, meaning their margins and budgets are tighter than most. According to the report, lower-income buyers also showed increased activity in the pre-tariff rush, further underscoring how policy shifts like tariffs can hit the most vulnerable groups hardest. Nonetheless, young people are committed to car ownership because they need to get around, even if it means buying a car at a time when cars are more expensive than ever and loans are harder to get. According to data from The New York Federal Reserve, the likelihood of getting turned down for an auto loan reached 33.5% in February 2025—the highest level on record. Final thoughts Although personal finance is a central fixation for some social media-addled Gen Z and younger Millennials, this data from one of America's largest financial institutions shows that many in these age groups are in situations fit for a Caleb Hammer or Dave Ramsay clip floating around on their feeds. What this research means for Gen Z and Millennials is that they are buying more, paying more, and doing it at a time when the deck feels increasingly stacked against them. However, as I have previously mentioned, this highlights just how important it is to approach car buying responsibly and plan financially. It's truly important to take a step back, let the temptation simmer, and examine your financial situation and set a budget that you can actually comfortably afford. By being diligent, you can protect yourself from potential hurdles and make a decision that won't wreck you or your credit. About the Author James Ochoa View Profile

This Customized GMC Sierra 2500 AT4X is the Epitome of Overland Capability
This Customized GMC Sierra 2500 AT4X is the Epitome of Overland Capability

Auto Blog

time30 minutes ago

  • Auto Blog

This Customized GMC Sierra 2500 AT4X is the Epitome of Overland Capability

This upfitted GMC Sierra 2500 AT4X is an overlanding beast, but can you live with it as a daily driver too? A machine that's truly ready for anything Last year, I drove a GMC Sierra 2500 AT4X all over the trails of Moab, Utah, so I can attest that taking any heavy-duty pickup truck off-road is a bit of an event. The sheer size and weight of the vehicle make for challenges in places where Jeeps would skamper through. Still, I was truly impressed with its off-road capability and comfort, and pondered the potential for a truck like this becoming a serious overlander. 0:09 / 0:09 Thinking about buying a Toyota RAV4? These 5 rivals might change your mind Watch More GMC Sierra 2500 AT4X There are different definitions as to what overlanding actually is. Initially, the idea was to cross terrain and spend time in remote locations while being entirely self-reliant. It's like camping, serious off-roading, and living off the grid all in one. Additionally, the rig needed has to be capable of long-range driving, off-road toughness, and serve as a base for your remote adventure. The powertrain is a big bonus Having a diesel helps, but longer ranges and the ability to tow more are big bonuses, and the GMC Sierra 2500 AT4X Ultimate Overland Build comes with a 6.6-liter Duramax turbo-diesel that makes a massive 470 hp and 975 lb-ft of torque. It's equipped with a 10-speed Allison transmission, and given its 38-gallon fuel tank, it's estimated to have a range of approximately 500 miles, depending on the terrain. The standard AT4X's tow rating is around 18,000 lbs, which is more than adequate for a larger off-road trailer. Payload sits at about 2,600 lbs, but given the slide-in camper, extra overlanding components, and gear, it's significantly less in this build. The 2024 GMC Sierra AT4X offers 120-volt power outlets with a capacity of 400 watts on the instrument panel and inside the cargo bed. Being that it's a diesel pickup (a less powerful gas engine is available), it can chug along idling all day, serving as a generator as needed, without burning too much fuel. Additionally, from the cockpit, the Duramax is one of the quietest diesels I've ever tested. Autoblog Newsletter Autoblog brings you car news; expert reviews and exciting pictures and video. Research and compare vehicles, too. Sign up or sign in with Google Facebook Microsoft Apple By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. The 'Ultimate Overland Build' Starting with the 2025 GMC Sierra 2500HD AT4X, which already has a beefed-up suspension, rear locker, and a ton of armor, American Expedition Vehicles (AEV) in Michigan added the following to the build: ● AEV Salta XD Wheels paired with 37' BFGoodrich All-Terrain KO2 tires ● AEV 37' Tire Clearance Kit ● ComeUp SOLO 12.5rs winch, co-developed with GM ● AEV Snorkel for cleaner, cooler airflow ● AEV Front Bumper Light Bar (prototype) with Vision X Explora off-road lights ● AEV Paint Appearance Package ● Magnaflow stainless steel exhaust for increased efficiency ● Air Lift LoadLifter 5000 Pro suspension kit for camper-readiness The OEV Back Country slide-in truck camper, which offers four-season capability and R8 insulated composite walls, has its own off-grid system that includes: ● 220W solar panel and 270Ah lithium battery ● Truma heating/hot water system ● Xantrex inverter, Isotherm fridge, and 20-gallon water tank ● Alu-Cab 270 awning, shower cube, and premium storage solutions The build was then brought to Tiny Rig Co. in Westminster, CA, who wired auxiliary lighting and installed a Switch-Pros SP9000 system. Other accessories include: Switch-Pros SP9000 system Tackform TRAXX system for in-dash device mounting ONWRD Supply Co. seat back organizers Viair portable compressor and Rig Ready Systems Jackout HD kit Redzone Wireless internet and Zoleo Satellite Communicator for global connectivity onX Offroad and a Midland CB radio Opinel USA Forrest Tool Company Tool Kit Lavabox Portable Campfire GMC Sierra 2500 AT4X Overland Build Driving this beast is easier than you think Amid the typical L.A. traffic, the ride was remarkably serene. That air suspension was dialed in to the point where the vehicle was luxury-car smooth on many surfaces. Throttle response is surprisingly quick for something that weighs as much as a Sherman Tank, and it handles its girth with ease around corners. I took it deep into the mountains around Rancho Palos Verdes, and along several back highways. Stopping at various ocean overlooks, I was able to spend time enjoying the overall comfort of the vehicle. In recent days, I've driven a few 1500 pickup trucks that are lighter and smaller, yet they didn't feel that much smaller in traffic. Honestly, only two issues were noticeable to me behind the wheel. The digital rear-view camera wasn't relocated, and there was some hesitation in the steering. I suspect the steering system is heavily taxed moving such heavy rubber, and it was a bit slow to swing side to side. Otherwise, the truck was a joy to drive and made most other trucks look puny to me, in more ways than one. Final thoughts I know I didn't deep dive into the convenience of the slide-in, pop-up camper. There's enough room for three to sleep, as long as two of the sleepers don't mind sharing a queen-size mattress. Otherwise, there's a good-sized fridge, sink, stove, and provisions for plenty of dry-good storage. The external shower can double as a good location for a porta-potty, and there's a shade that extends around a majority of the living quarters. Weekend camping should be a snap, and serious overlanding is something this rig was built for. I'm sure the price tag for a build like this could easily exceed $250,000. I'm guesstimating that the truck's cost (about $96,000) and the slide-in camper (about $50,000) are the most expensive major bits. Still, it's all the smaller components and the labor required to install everything that adds a ton to the build. Lighting, solar, showers, awning, air suspension, winch – the list of addons goes on and on. As such, adding $100,000 to the price is what got my estimate to $250,000. Even then, I might be undercutting the total by a bit. If all of this sounds like the build for you, you might be in luck. The 'Ultimate Overland Vehicle Build' will be auctioned off on Bring a Trailer in November, with all proceeds benefiting the Overland Expo Foundation. If you're drooling at the thought of owning this AND you want to help out a great cause, we'd keep an eye on the Overland Expo Foundation Facebook page.

Major Nissan Supplier Files for Chapter 11 Bankruptcy
Major Nissan Supplier Files for Chapter 11 Bankruptcy

Auto Blog

time34 minutes ago

  • Auto Blog

Major Nissan Supplier Files for Chapter 11 Bankruptcy

The tier-one supplier cites tariffs, COVID, and the failing to adapt to the EV market as the reasons for its downfall. A perfect storm In a move that emphasizes the financial pressures faced by major global auto suppliers, one of the largest tier-one suppliers in the world has recently filed for Chapter 11 bankruptcy protection in the United States. Marelli supplies lighting systems, electronics, and other critical components to automakers like Nissan, Jeep, Dodge, and Ram. Its parent company, Stellantis, said in its court filings on June 11 that it faced a perfect storm of pandemic-related disruptions, global tariffs, and industry-wide shifts toward electrification prior to its decision to file. 0:02 / 0:09 2025 Ford Maverick: 4 reasons to love it, 2 reasons to think twice Watch More A picture taken on October 22, 2018, in Corbetta, west of Milan, shows the headquarters of the Italian multinational company Magneti Marelli. — Source: Getty Images COVID, semiconductor shortage, and tariffs affected the company For an industry used to navigating cyclical turbulence, Marelli's story reflects just how volatile the landscape has become after the COVID-19 pandemic in 2020. In court documents, Marelli CEO David Slump pointed to long-running disruptions that occurred during the pandemic, including labor shortages and difficulty sourcing raw materials. As if that wasn't a huge problem already, Marelli also got caught up in the global semiconductor shortage, which limited production and halted factories of major automakers and their suppliers. However, Slump says that the final nail in Marelli's coffin was the impact of wide-reaching auto industry tariffs that were imposed earlier this year. Back in March, the Trump Administration announced a new round of levies on imported vehicles and auto parts. For a company like Marelli—formed from the 2019 merger of Fiat Chrysler's parts division, Magneti Marelli, and Calsonic Kansein, a Japanese supplier owned by American private equity firm KKR, and heavily reliant on international trade—the tariffs killed any potential to recover financially. 'Marelli was severely affected by tariffs due to its import/export-focused business,' Slump said in the filing. 'Macroeconomic headwinds associated with the imposition of tariffs in countries around the world' worsened the company's liquidity at a critical time. Nissan Oppama Plant — Source: Nissan Autoblog Newsletter Autoblog brings you car news; expert reviews and exciting pictures and video. Research and compare vehicles, too. Sign up or sign in with Google Facebook Microsoft Apple By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. Marelli tried to adapt to EV demand As automakers shifted resources toward electric vehicles, suppliers like Marelli became involved in a capital-intensive rat race to retool and adapt to a fast-changing marketplace. Billions were spent across the industry to create and support groundbreaking new EV platforms, but suppliers like Marelli were left with fewer orders and the financial burden when EV demand slowed and automakers adjusted or delayed their EV timelines to react to the market. Marelli's Chapter 11 filing is a warning of what's ahead for others in the space. The supplier landscape is changing amid uncertainty and shifting trends in powertrain electrification, and suppliers operate on tight margins. Companies like Marelli feel financial pressure without consistent production volumes or stable regulatory environments. 2026 Jeep Cherokee — Source: Jeep But while Marelli is going through bankruptcy filings, it should be noted that it isn't a liquidation (liquidations occur in a Chapter 7 bankruptcy) but rather a strategic restructuring. Marelli says it intends to continue operating throughout the Chapter 11 process thanks to over $1 billion in debtor-in-possession financing from its lenders. Marelli has backing from more than 80% of its senior lenders, and its plan is to convert a large portion of the company's roughly $5 billion in debt into equity, essentially giving control of the business to its creditors. Currently, the company has some unfinished business with customers. According to Automotive News, Stellantis and Nissan are the two largest unsecured creditors listed in the bankruptcy filing. Marelli said it owes Stellantis $454 million and $313 million to Nissan. 'For Nissan, securing a stable supply chain is essential. We are committed to support Marelli to maintain its revenue generation and will coordinate with Marelli's other customers while actively monitoring the supply chain to prevent disruptions,' Nissan told AutoNews in an emailed statement. Dodge Charger Daytona Scat Pack — Source: Stellantis Final thoughts For now, Marelli insists that operations will continue, but its situation is an example of how interconnected and fragile the modern automotive ecosystem is. Tariffs, pandemics, supply shortages, and technology transitions aren't just speed bumps for automakers; they could mean life or death for the companies that keep the car industry running behind the scenes. Marelli may be the first, but it probably won't be the last. About the Author James Ochoa View Profile

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store