Tesla just slightly raises Model Y price - Electrek By Investing.com

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Tesla just slightly raises Model Y price - Electrek

Stock Markets Jan 24, 2023 10:22AM ET

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Tesla just slightly raises Model Y price - Electrek

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By Sam Boughedda

Tesla (NASDAQ:TSLA) has reportedly slightly increased the price of its Model Ys, following cuts to prices a couple of weeks ago.

Electrek reported Tuesday that the changes on Tesla's website only seem to impact the Model Y but are tiny compared to the previous cuts of up to $13,000.

The publication states the price of the Model Y increased by $500, bringing it to a base price of $53,490, compared to $52,990 before the increase. However, other Tesla models have maintained the same post-cut prices as before.

The recent Tesla price cuts came after reports and data suggested waning demand, with Tesla offering discounts and incentives as inventory started to pile up.

Electrek said that although the price cuts will eat into Tesla's margins, its margins are already higher than other companies in the space.

Tesla shares have climbed 20% in 2023 but are down almost 1% Tuesday.

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