Tesla announced that it will raise the price of the Model Y electric car in some European countries on March 22nd
Mar 26, 2024On March 16, according to Reuters, Tesla announced on Saturday that it would raise the price of its Model Y electric vehicle (EV) in multiple European countries by around 2'000 euros (2'177 dollars) or the equivalent in local currency on March 22nd.
This measure was announced in a post on social media platform X. Previously, Tesla had announced on Friday that it would raise the price of all Model Y vehicles by $1K in the United States on April 1st.
Tesla has increased the prices of its rear-wheel drive and long-range Model Y vehicles by $1K each on March 1st, to $43,990 and $48,990 respectively. "This is the basic dilemma facing manufacturing: the factory needs to continue production to improve efficiency, but consumer demand is seasonal," said Tesla CEO Elon Musk in response to the company's announcement of price increases next month in February.
The profit margin of Tesla has been impacted by a price war with its competitors, which began over a year ago.
In January this year, Tesla warned that as the company focuses on producing the next-generation electric car, codenamed "Redwood," sales growth for this year will "significantly slow down."
