Tesla Model Y prices will increase this month: Elon Musk

In a series of unpredicted advances within the electric vehicles (EV) industry, Tesla, led by Elon Musk, has announced plans to increase prices for its Model Y EVs this month.

The EV constructor disclosed that it would raise prices for Tesla Model Y vehicles by 2,000 euros (equivalent in local currencies) in select European countries starting March 22, 2024.

This price adjustment follows an earlier announcement made on Elon Musk’s social media platform, X (formerly known as Twitter), where Tesla stated its intention to raise prices for all Model Y vehicles in the US by $1,000 on April 1, 2024.

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According to Reuters, Tesla had earlier raised prices for its Model Y rear-wheel drive and long-range vehicles by $1,000 each, bringing them to $43,990 and $48,990, respectively, on March 1.

Elon Musk, Tesla’s CEO, commented on the manufacturing challenge in February, stating, “This is the essential quandary of manufacturing: factories need continuous production for efficiency, but consumer demand is seasonal,” in response to a post on X made by Tesla’s official Twitter handle, hinting at impending price increases.

Industry analysts attribute the rise in Tesla EV prices to heightened competition among leading EV manufacturers in the previous year.

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In January of this year, Tesla forecasted “notably lower” sales growth for the year, attributing it to the allocation of resources towards the production of its next-generation EV, codenamed “Redwood.”