Tesla tsla Shares Rise Following Model Y Price Hike

Tesla (TSLA) Shares Rise Following Model Y Price Hike

Tesla, Inc. (NASDAQ: TSLA) has made a slight increase in the price of its popular Model Y in the United States. The company’s website displayed the updated price, revealing a $250 hike, bringing the total to $47,740 for the particular variant. However, the prices for the other versions of the Model Y have remained unchanged within the United States.

This recent increase marks the third time that Tesla has adjusted the price of the Model Y since April 19, when they previously reduced prices for some of their vehicles in the country.

In response to this update, Tesla (TSLA) shares saw a 1.82% increase, reaching $263.33 during pre-market trading on Wednesday.

In May, Tesla raised the prices of its Model S, Model X, and Model Y vehicles by low single-digit percentages.

Since January, Tesla has been reducing prices worldwide in an effort to boost sales volume. CEO Elon Musk expressed a willingness to sacrifice profit margins for the sake of increasing sales but also indicated that price adjustments may be made when appropriate.

Even with the recent price increase, the current cost of Model Y remains 4.5% lower than its price prior to the previous reduction in April.