If you are planning to buy a Tesla Model S, it would be wise to hurry, or otherwise you may end paying more. According to Electrek‘s Fred Lambert, the EV firm may be planning to raise the price of the Model S, which currently starts at around $70,000, by next month.

Tesla Motors Inc May Raise Model S Price Next Month [REPORT]

Hints of Tesla raising Model S price

As of now, it is not known by how much the price might increase, but it could be assumed that after the price hike, the Model S will still cost less than the starting price of the Model X, which is $80,000. Lambert reports that the EV firm will raise the price of the Model S after unveiling the Model 3 on March 31.  Tesla representatives have been warning potential buyers about the price hike, says Lambert.

The news of a price hike is in line with reports suggesting that a new Model S version is on the way this spring. Last year, it was reported that the EV firm might redesign the Model S to be more like the Model X crossover.

Last month, the company quietly eliminated its 85 kWH battery pack for the Model S, and recently a hacker suggested that the new Model S could be called the “P100D.” A few days ago, Tesla also updated its online design studio for the Model S with a new interior and center console that are very similar to those in the Model X.

A new Model S version also coming

Compared to the 90kWh battery, which was released late year, the P100D version of the Model S could have 11% more battery capacity, according to Electrek. This could mean that the range of the new Model S will hit 300 miles on a single charge. However, all this remains mere speculation until Tesla officially reveals the details, hopefully at its March 31 event.

Updating the Model S surely makes sense for Tesla even though all the focus currently is on the mass-market Model 3. The Model 3 won’t be available at least until late next year, so until then, the Model X and the new Model S should help keep fans and prospective buyers interested.

On Tuesday, Tesla shares closed down 1.71% at $234.24. Year to date, the stock is down by almost 2%, while in the last year, it is up by over 18%.