Instead of lowering prices, Tesla updated the Model S and X and raised the price by $5,000

Tesla just announced updated versions of its Model S and X that the company says have quieter cabins, smoother rides, and a new “Frost Blue” paint color, along with some other minor upgrades. Notably, the updated versions sport higher price tags: about $5,000 more for each model. Earlier this year, Tesla also released a more expensive version of the Model Y.

For those paying attention, the prices are going in the wrong direction.

In the EV company’s latest earnings report, it reiterated that “plans for new vehicles, including more affordable models, remain on track for start of production in the first half of 2025.” Those vehicles are meant to utilize “aspects of our current platforms and will be produced on the same manufacturing lines as our current vehicle lineup,” in part to keep prices down. After ditching plans to build a new mass-market $25,000 car, investors have been awaiting cheaper versions of older ones — something that has yet to happen.