Tesla Adjusts EV Pricing Again
Tesla has made its fourth price adjustment this year, changing the prices for one version of its Model 3 sedan and Model Y crossover. The company has raised the price of its Model Y performance crossover by $1,000 to $58,990, while cutting the price of the rear-wheel drive Model 3 sedan by $500 to $42,990. Both vehicles are still eligible for $7,500 in federal tax credits. Tesla has been adjusting its prices online since the sweeping price cuts it rolled out in January across all its major markets. (newsroompost.com)
Despite the recent changes, the performance version of the Model Y is still about 16% cheaper than it was in early January for US customers, while the rear-wheel drive Model 3 is about 9% cheaper. The company raised the price of its Model Y Long Range earlier this month in the US market after the government raised the ceiling on the price of crossover electric vehicles eligible for the income tax incentive.
Tesla’s CEO, Elon Musk, said that vehicle orders were roughly double the company’s output in January after the first round of price cuts. He also noted that strong demand had prompted the company to make its first small price increase to the Model Y and that the company would focus on price to drive demand with the economy headed towards what he believes will be a recession. Tesla’s deep price cuts in January prompted protests in China from Tesla buyers who had bought earlier and missed out on the savings. Some Tesla owners in the United States also complained that the price cuts had eroded the resale value of their vehicles.
Tesla’s price cuts this year followed nearly two years when it had been pushing prices higher and could not keep up with demand. The company has been adjusting its prices online, which is unusual in an industry where the benchmark is still described as a “sticker price” on the window of a vehicle in inventory.
TSLA Stock Price Forecast & Analysis
According to 44 analysts, the average target price for Tesla Inc. over the next 12 months is USD 246.06. This target price represents the average of all the price targets provided by the analysts who cover the company. Furthermore, the average analyst rating for Tesla Inc. is Strong Buy, which indicates that most analysts who cover the stock believe it is a good investment opportunity.
Stock Target Advisor’s analysis of Tesla Inc. is Slightly Bullish, which means the company is expected to perform slightly better than the overall market. This analysis is based on 11 positive signals and 5 negative signals, which include technical indicators, moving averages, and trend analysis.
At the last closing, Tesla Inc.’s stock price was USD 194.64, which was a decrease of -0.06% over the past week. However, over the past month, the stock price increased by +59.02%. Over the past year, the stock price has decreased by -32.10%. The company’s stock price has been volatile, with significant price movements in both directions.
STA Research (StockTargetAdvisor.com) is a independent Investment Research company that specializes in stock forecasting and analysis with integrated AI, based on our platform stocktargetadvisor.com, EST 2007.
