Tesla To Hike Prices On China-Made Model Ys From Next Month
Portfolio Pulse from Anan Ashraf
Tesla Inc (NASDAQ:TSLA) plans to increase prices on China-made Model Y vehicles starting next month, following similar announcements for the U.S. and Europe. The price hike in China is set at 5,000 yuan ($695) from April 1. The company previously announced price increases in Europe by about 2000 euros ($2,173) and in the U.S. by $1000 for all Model Y variants, also starting April 1. Tesla's vehicle deliveries in the last quarter of 2023 totaled 484,507, and the impact of these price adjustments on future deliveries is awaited. Tesla shares closed down 1.43% at $171.32, with a year-to-date decrease of 31%.
March 20, 2024 | 5:39 am
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Tesla Inc announces price hikes for Model Y in China, the U.S., and Europe, aiming to adjust for market conditions. The company's stock has seen a 31% decline YTD.
The price increase for Tesla's Model Y could potentially affect demand in the short term, but it's also a response to market conditions and cost adjustments. The impact on the stock price is uncertain, as it could be seen as a positive move for revenue or a negative one if demand decreases. The company's recent performance and the significant year-to-date stock price decline add complexity to predicting the short-term impact.
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