Tesla intends to increase the price of Model Y electric vehicles in regions of Europe

Tesla announced last Saturday (16) that it will increase the price of its electric vehicles, more specifically, the Model Y in several European countries. The company announced that the increase in value in Europe will be around two thousand euros, the increase comes a few days after the announcement that there would be an increase of one thousand dollars in the value of the model from April 1st in the United States.

Price changes in recent months

The electric car company had already raised Model Y prices by $1,000 on March 1 for both its rear-wheel drive and long-range versions. The March and April increases followed a price reduction in January in China and Europe, followed by a reduction in the US in February.

Tesla CEO Elon Musk commented on X about the reduction in February: “Since most people don’t like buying cars in the middle of winter, Tesla is offering a $1,000 incentive to do so. This is the essential dilemma of production: factories need continuous production to be efficient, but consumer demand is seasonal.”.

Tesla previously announced that Model Y buyers could get 5,000 hours of free Supercharging if they take delivery by the end of the month. Additionally, those who already have a Model Y and decide to exchange it for another will also get 10,000 free hours of Supercharging.

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Variation in Tesla shares

After two extremely difficult weeks for the company, with shares showing a drop of 19.3%, recording the worst performance of the company’s last 15 months, shares showed a positive increase of 3.8% after the announcement of the increase in value in the model.

Year-to-date, the company is down 31.7%, tracking all of the S&P 500 index’s SPX declines this year, while the S&P 500 has gained 8.4%. This drop in values ​​dropped Tesla to 12th place on the list of the most valuable companies in the US, with a market capitalization of US$520.9 billion as of Friday’s close.

Featured photo: Tesla logo (Reproduction/Bloomberg/Getty Images)