Tesla (TSLA.O), which opened a new tab on Friday, increased the price of some Model Y cars by $1,000 in the US.
The Model Y long-range and rear-wheel drive vehicles now cost $48,990 and $43,990, respectively, according to the firm.
The website states that the prices of the Model Y Performance variation and other models have not altered.
About a month after slashing prices in Europe and China, Tesla temporarily lowered and opened new tab prices of some of its Model Y cars in the United States until February 29.
Elon Musk, the CEO, said, opens new tab, “This is the fundamental conundrum of manufacturing: factories need continuous production for efficiency, but consumer demand is seasonal.” He was responding to a post on X from Tesla that stated pricing would increase in March last month.
In recent months, buyers in the US have chosen hybrid automobiles over fully electric ones in order to avoid greater ownership costs and the loss of federal tax credits for certain models due to the Inflation Reduction Act’s criteria for the source of batteries.
Tesla issued a warning in January about “notably lower” sales growth this year as it concentrates on building its next-generation electric vehicle, known as “Redwood.”
The company’s profits, which have already been impacted by a pricing war with competitors that began more than a year ago, may be relieved by the most recent price increase.
This year, shares of Tesla have decreased by 18.75%.
