Teslas are a relatively rare sight in the sea of gasoline and diesel-powered full-size pickup trucks and SUVs in rural Northeast Texas where I live.
My county has just over 124,000 residents. There are only
225 EVs here - 32 of those are Model Ys. I saw two Model Ys this past week and both were white with 20" wheels - just like the one I ordered.
This report from 2009 states the manufacturing cost of an aluminum wheel was around $50 each. Size, complexity, and finish will obviously have some effect on this cost, but there shouldn't be a huge difference in cost between a Gemini wheel and an Induction wheel in terms of manufacturing cost. The 20" wheel has a bit more material and a different finish, but doesn't have the added cost of a plastic cover. If the Gemini wheels cost Tesla ~$75 each, the Induction wheels may cost about $80-85. There's nothing fundamentally unique about a Tesla wheel that would make it more expensive than any other aluminum wheel. Based on Model Y production, Tesla or their supplier(s) are making thousands of these wheels every day.
So, Tesla might pay $500 for set of 19" wheels and tires or $560 for a set of 20" wheels and tires, but they charge $2,000 for something that costs them $60 more making them
hugely profitable.