Tesla intends to increase the price of Model Y electric vehicles in regions of Europe

Price changes in recent months

The electric car company had already raised Model Y prices by $1,000 on March 1 for both its rear-wheel drive and long-range versions. The March and April increases followed a price reduction in January in China and Europe, followed by a reduction in the US in February.

Tesla CEO Elon Musk commented on X about the reduction in February: “Since most people don’t like buying cars in the middle of winter, Tesla is offering a $1,000 incentive to do so. This is the essential dilemma of production: factories need continuous production to be efficient, but consumer demand is seasonal.”.

Tesla previously announced that Model Y buyers could get 5,000 hours of free Supercharging if they take delivery by the end of the month. Additionally, those who already have a Model Y and decide to exchange it for another will also get 10,000 free hours of Supercharging.

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Variation in Tesla shares

After two extremely difficult weeks for the company, with shares showing a drop of 19.3%, recording the worst performance of the company’s last 15 months, shares showed a positive increase of 3.8% after the announcement of the increase in value in the model.

Year-to-date, the company is down 31.7%, tracking all of the S&P 500 index’s SPX declines this year, while the S&P 500 has gained 8.4%. This drop in values ​​dropped Tesla to 12th place on the list of the most valuable companies in the US, with a market capitalization of US$520.9 billion as of Friday’s close.

Featured photo: Tesla logo (Reproduction/Bloomberg/Getty Images)