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Tesla could boost pricing on Model Y electric cars in areas of Europe

Model Y automobiles are photographed at the opening ceremony of the new Tesla Gigafactory for electric cars in Gruenheide, Germany, March 22, 2022.

March 16 (mod1s) - Tesla (TSLA.O), opens new tab announced on Saturday it will hike the price for its Model Y electric cars (EV) in a number of European nations on March 22 by around 2,000 euros ($2,177) or the equivalent in local currencies. 

The decision, disclosed in a post on social networking platform X, follows the automaker's statement on Friday that it will boost pricing for all Model Y vehicles in the U.S. by $1,000 on April 1.

Tesla has boosted the cost of its Model Y rear-wheel drive and long-range cars by $1,000 to $43,990 and $48,990, respectively, on March 1. 

"This is the essential quandary of manufacturing: factories need continuous production for efficiency, but consumer demand is seasonal," Tesla CEO Elon Musk tweeted in February, commenting to a post on X from his firm saying that prices will go higher the next month.

Tesla's margins have been hit by a pricing battle with competitors that began more than a year ago. 

In January, Tesla warned of "notably lower" sales growth this year as it concentrates on the development of its next-generation EV, which is code-named "Redwood." 

($1 = 0.9185 euros)


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