Tesla to raise U.S. prices for Model Y vehicles by $1,000 on April 1

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Pedestrians are walking past a Tesla store in Shanghai, China, on March 14, 2024. 

CostFoto | Nurphoto | Getty Images

Tesla on Friday said it will increase prices for all Model Y cars in the United States by $1,000 on April 1, the automaker said on its website.

“Prices will increase by $1,000 for all Model Y trims on April 1,” Tesla said on its website.

The company on March 1 had also raised the prices of its Model Y rear-wheel drive and long-range vehicles by $1,000 to $43,990 and $48,990, respectively.

Tesla did not make it explicitly clear if the April increase would come on top of the March increase for the rear-wheel and long-range models.

Tesla had temporarily cut prices of some of its Model Y cars in the U.S. in February, nearly a month after it slashed prices across Europe and China.

“This is the essential quandary of manufacturing: factories need continuous production for efficiency, but consumer demand is seasonal,” CEO Elon Musk said in February, replying to a post on X from Tesla saying prices would go up in March.

Tesla also to raise prices in Europe

Separately, Tesla said on Saturday it would increase the price of its Model Y electric vehicles (EV) in a number of European countries on March 22 by approximately 2,000 euros ($2,177) or the equivalent in local currencies.

Tesla’s margins have been hurt by a price war with rivals that started more than a year ago.

In January, Tesla warned of “notably lower” sales growth this year as it focuses on the production of its next-generation EV, which is code-named “Redwood.”

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