Tesla (NASDAQ:) updated its website on Monday to announce a $1,000 increase in the price of each version of the Model Y in the United States.
The price change brings the starting cost of the standard version of the Model Y to $44,990, while prices for the extended-range and high-performance versions will now be $49,990 and $53,490, respectively.
This pricing strategy is consistent with the EV maker’s previous statement in March, which indicated plans to raise Model Y prices by $1,000 starting April 1.
Tesla is expected to release production and delivery statistics for the first quarter of the year later this week. A possible decline in these figures is hypothesized compared to the last quarter of the previous year, characterized by unprecedented results.
With growing concerns about electric vehicle demand, the competitive market in China and widespread economic challenges, market analysts have revised down their forecasts for Tesla’s first-quarter deliveries.
For example, financial analysts at Wedbush adjusted their expectations for Tesla, reducing the stock’s price target from $315 to $300 and also decreasing their delivery forecasts for both the first quarter and the full year.
Analysts now expect Tesla to announce deliveries of 425,000 vehicles for the first quarter, down from the previous estimate of 475,000 vehicles.
“To tell it like it is: The first quarter was exceptionally challenging for Tesla, as demand in China got off to a weak start into 2024,” Wedbush analysts said.
According to them, the next quarterly results “will not be a cause for celebration for optimistic investors.”
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