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Elon Musk’s Tesla On Friday, the company increased the price of some Model Y vehicles sold in the U.S. market by $1,000, according to its website.
The electric car maker has raised prices for the Model Y rear-wheel drive and long-range models to $43,990 and $48,990, respectively. Pricing for the Model Y Performance Variant and other models remained unchanged as of Friday, according to the website.
In February, Tesla temporarily lowered the prices of some Model Y vehicles in the United States through February 29, nearly a month after lowering prices in Europe and China.
“This is an inherent problem in manufacturing: Factories need continuous production to be efficient, but consumer demand is seasonal.” Tesla CEO Elon Musk He made the remarks last month when responding to a Tesla post on X (formerly Twitter) that suggested prices would rise in March.
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Tesla has increased the prices of its rear-wheel drive Model Y and long-range vehicles. (Photo credit: Peerapon Boonyayat/SOPA Images/LightRocket via Getty Images / Getty Images)
U.S. car buyers chose Hybrid than EV The impact has been felt over the past few months due to rising costs of ownership and the loss of some EV models from qualifying for federal tax credits related to battery procurement requirements included in the Inflation Control Act.
Tesla warned in January that sales growth would be “significantly lower” this year as it focuses on producing its next-generation electric vehicle, code-named “Redwood.”
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| TSLA | Tesla Inc. | 202.65 | +0.77 | +0.38% |
Tesla’s recent price increases could improve the company’s profit margins. The company’s margins were under pressure last year due to company profits and other factors. EV manufacturer In order to maintain market share, we engaged in price competition that affected profitability.
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In February, Tesla temporarily lowered the prices of some Model Y vehicles to boost sales. (Photographer: Yuki Iwamura/Bloomberg via Getty Images/Getty Images)
The company is bracing for competition from a growing number of cheaper EVs, including those made by China’s BYD, which overtook Tesla to become the world’s top EV maker in the final quarter of 2023. BYD has started selling vehicles in Europe and is eyeing its potential. Entering the US market.
Tesla stock is down more than 18% so far in 2024, but is up just over 4.5% over the past year.
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Reuters contributed to this report.
