Tesla (TSLA.US) has increased the prices of several models in Canada, with the highest price hike reaching C$9,000.

On Thursday, Tesla's (TSLA.US) website revealed that the company plans to increase the prices of its electric vehicles in Canada on February 1.

The price of the Model3 will rise by up to $6249 (C$9000), while the Model Y, Model S, and Model X are anticipated to increase by $2778 (C$4000). The pricing of the Cybertruck will remain unchanged.

As competition in the electric vehicle market intensifies, Tesla's market share in Canada has declined, but overall sales are still growing. In 2024, the most popular Tesla vehicles in Canada were the Model Y and Model3.

As of January 2025, Canada suspended its federal zero-emission vehicle incentive program, which previously offered up to $5,000 in subsidies for buying electric vehicles, including Tesla. The program was suspended due to the funding running out early due to a surge in national demand for electric vehicles. Some provinces in Canada continue to offer their own subsidies for buying electric vehicles.