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Tesla (TSLA) to Hike Prices of All Model Y Vehicles in the US
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Tesla, Inc. (TSLA - Free Report) will raise the prices of all Model Y vehicles in the United States. Per the company’s website, prices of all Model Y cars will increase $1,000 on Apr 1, 2024, in the country. All the trims qualify for a $7,500 federal tax credit in the United States.
On Mar 1, 2024, the company hiked the prices of Model Y rear-wheel drive and long-range trims by $1,000 to $43,990 and $48,990, respectively, excluding taxes and fees. However, the company didn’t shed light on whether the April increase would be in addition to the March increment for the rear-wheel and long-range models.
In February, Tesla temporarily slashed the prices of Model Y cars in the United States, nearly a month after reducing the prices in Europe and China.
Tesla’s post on X mentioned that the prices of Model Y cars would go up in March. Elon Musk, CEO of Tesla, replied to this post and said that the changing prices encapsulate the fundamental challenge of manufacturing, while factories thrive on continuous production for efficiency and consumer demand fluctuates with seasons.
TSLA to Increase Prices in Europe
The automaker will raise the prices of Model Y cars in a number of European countries. TSLA announced that it is set to raise the prices by nearly 2,000 euros or equivalent in the local currencies on Mar 22, 2024.
Tesla’s margins have been suffering a blow due to a price war with competitors that started over a year ago.
In January, the automaker warned that the sales growth in 2024 would be lower as TSLA focuses on the production of Redwood, a codename for the company’s next-gen electric vehicle.
Eligibility for Free Supercharging
Per the company’s website, Model X, Model S and Model Y are eligible for 5,000 miles of free Supercharging if customers take delivery by Mar 31, 2024, on cash or finance purchases. Moreover, the customers who place an order by Mar 19, 2024, and trade in their vehicle by Mar 31, will get 5,000 miles of free Supercharging irrespective of finance type.
Tesla has excluded Cybertruck from its trade-in offer, as the vehicle is subjected to a no-sale policy that a few customers have been ignoring. The owners who wish to sell their Cybertruck have to notify Tesla first and give the company an opportunity to buy back the vehicle. The owners can sell the Cybertruck if TSLA refuses to buy it back, but before putting it up for sale, they have to wait for the company’s written consent.
Through this initiative, TSLA aims to find out car flippers and lock them out of customers’ lists. The backlisted customers will never be able to buy a Tesla.
It was reported that a customer who had been trying to sell his pickup truck had received an email from Tesla, telling him that all his reservations had been terminated and he would never be able to order another vehicle from the automaker again.
The Zacks Consensus Estimate for MOD’s 2024 sales and earnings per share (EPS) suggests year-over-year growth of 4% and 67.2%, respectively. The EPS estimates for 2024 have improved 22 cents in the past 60 days. The EPS estimates for 2025 have improved 12 cents in the past 30 days.
The Zacks Consensus Estimate for TM’s 2024 sales and earnings suggests year-over-year growth of 10% and 73.6%, respectively. The EPS estimates for 2024 and 2025 have improved $1.30 and $1.01, respectively, in the past 30 days.
The Zacks Consensus Estimate for ALSN’s 2024 sales and earnings suggests year-over-year growth of 2.1% and 3.2%, respectively. The EPS estimates for 2024 and 2025 have improved 32 cents and 56 cents, respectively, in the past 30 days.
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Tesla (TSLA) to Hike Prices of All Model Y Vehicles in the US
Tesla, Inc. (TSLA - Free Report) will raise the prices of all Model Y vehicles in the United States. Per the company’s website, prices of all Model Y cars will increase $1,000 on Apr 1, 2024, in the country. All the trims qualify for a $7,500 federal tax credit in the United States.
On Mar 1, 2024, the company hiked the prices of Model Y rear-wheel drive and long-range trims by $1,000 to $43,990 and $48,990, respectively, excluding taxes and fees. However, the company didn’t shed light on whether the April increase would be in addition to the March increment for the rear-wheel and long-range models.
In February, Tesla temporarily slashed the prices of Model Y cars in the United States, nearly a month after reducing the prices in Europe and China.
Tesla’s post on X mentioned that the prices of Model Y cars would go up in March. Elon Musk, CEO of Tesla, replied to this post and said that the changing prices encapsulate the fundamental challenge of manufacturing, while factories thrive on continuous production for efficiency and consumer demand fluctuates with seasons.
TSLA to Increase Prices in Europe
The automaker will raise the prices of Model Y cars in a number of European countries. TSLA announced that it is set to raise the prices by nearly 2,000 euros or equivalent in the local currencies on Mar 22, 2024.
Tesla’s margins have been suffering a blow due to a price war with competitors that started over a year ago.
In January, the automaker warned that the sales growth in 2024 would be lower as TSLA focuses on the production of Redwood, a codename for the company’s next-gen electric vehicle.
Eligibility for Free Supercharging
Per the company’s website, Model X, Model S and Model Y are eligible for 5,000 miles of free Supercharging if customers take delivery by Mar 31, 2024, on cash or finance purchases. Moreover, the customers who place an order by Mar 19, 2024, and trade in their vehicle by Mar 31, will get 5,000 miles of free Supercharging irrespective of finance type.
Tesla has excluded Cybertruck from its trade-in offer, as the vehicle is subjected to a no-sale policy that a few customers have been ignoring. The owners who wish to sell their Cybertruck have to notify Tesla first and give the company an opportunity to buy back the vehicle. The owners can sell the Cybertruck if TSLA refuses to buy it back, but before putting it up for sale, they have to wait for the company’s written consent.
Through this initiative, TSLA aims to find out car flippers and lock them out of customers’ lists. The backlisted customers will never be able to buy a Tesla.
It was reported that a customer who had been trying to sell his pickup truck had received an email from Tesla, telling him that all his reservations had been terminated and he would never be able to order another vehicle from the automaker again.
Zacks Rank & Key Picks
TSLA currently carries a Zacks Rank #3 (Hold).
Some better-ranked players in the auto space are Modine Manufacturing Company (MOD - Free Report) , Toyota Motor Corporation (TM - Free Report) and Allison Transmission Holdings, Inc. (ALSN - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for MOD’s 2024 sales and earnings per share (EPS) suggests year-over-year growth of 4% and 67.2%, respectively. The EPS estimates for 2024 have improved 22 cents in the past 60 days. The EPS estimates for 2025 have improved 12 cents in the past 30 days.
The Zacks Consensus Estimate for TM’s 2024 sales and earnings suggests year-over-year growth of 10% and 73.6%, respectively. The EPS estimates for 2024 and 2025 have improved $1.30 and $1.01, respectively, in the past 30 days.
The Zacks Consensus Estimate for ALSN’s 2024 sales and earnings suggests year-over-year growth of 2.1% and 3.2%, respectively. The EPS estimates for 2024 and 2025 have improved 32 cents and 56 cents, respectively, in the past 30 days.