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Tesla to Increase Model Y Price in Europe

Electric vehicle (EV) manufacturer Tesla is set to raise the price of its Model Y EVs in multiple European countries on March 22. The company announced on its official X account that it would increase the price by 2,000 euros (approximately $2,177). This will be followed by a $1,000 price rise in the United States on April 1.

“This is the essential quandary of manufacturing: factories need continuous production for efficiency, but consumer demand is seasonal,” Tesla CEO Elon Musk explained. With the company being hurt by a vicious price war with rivals that began a year ago, the company warned that its sales may decline this year as it looks to focus on the development of its next-generation EV, named “Redwood”.

The decision to raise the price of the Model Y follows Tesla’s previous decision to increase the price of the Model Y rear-wheel drive and long-range vehicles by $1,000, to $$43,990 and $48,990 respectively.

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