Tesla has hiked the price for its large-scale rechargeable lithium-ion battery product, otherwise known as the “Tesla Megapack,” following a massive jump in industrial metal prices due to the Russian invasion of Ukraine.
EV website Electrek reports the price of the Megapack jumped nearly 24.5% since last year. In 2021, a single Megapack was priced around $1.2 million. Now the price is much higher, starting at $1,537,910.
Megapack’s 2021 pricing
Megapack 2022 pricing
Tesla has yet to release a statement or comment or Elon Musk tweet about why the utility-scale battery pack has jumped in price. However, one can only assume it has to do with cost pressures from commodity inflation.
In the first half of March, Tesla raised the cost of its Model 3 car and other vehicles twice due to rising costs for batteries.
There’s no word on which metal(s) is impacting Tesla the most, but if we had to guess, it’s probably metals for its batteries that have skyrocketed in price, such as nickel.
About a week ago, Musk vented in a tweet about the commodity shock. He said, “Tesla & SpaceX are seeing significant recent inflation pressure in raw materials & logistic.”
Tesla & SpaceX are seeing significant recent inflation pressure in raw materials & logistics
— Elon Musk (@elonmusk) March 14, 2022
The cost of owning electric, if that is a battery pack or EV, continues to become more and more unaffordable by the day as commodity inflation soars.