On Friday, Elon Musk's EV giant $Tesla (TSLA.US)$ said that the company will increase the starting prices on all of its Model Y variants starting next month, to push customers to place their orders before the quarter ends.
What Happened: The base version of the Model Y currently starts at $43,990, while the Long Range and Performace variants start at $48,990 and $52,490, respectively.
Starting April 1, however, the base variant of the best-selling vehicle will start at $44,990.
Prices in the US will increase by $1k for all Model Y trims on April 1st
Order in 2 mins via— Tesla North America (@tesla_na) March 16, 2024
Tesla's website shows that customers who order their vehicles now can take delivery before the end of the month. Customers can also get 5000 miles of free supercharging on taking deliveries before March 31.
Tesla delivered 484,507 vehicles in the last quarter of 2023. Whether the incentives and warning of an impending price hike will help boost first-quarter deliveries beyond Q4 levels will be known when the company announces quarterly delivery numbers next month.
Price Action: Tesla shares closed 0.66% higher on Friday at $163.57. However, the stock has dipped 34.16% year-to-date, according to Benzinga Pro.