Tesla Sneaks In A Model Y Price Hike After Multi Billion Dollar Wipeout
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After a major announcement by a BP subsidiary earmarked $100 million for its electric vehicle chargers in America, Tesla has sneakily increased the Model Y Long Range price tag. The Model Y is an SUV designed mainly for family use, and it is available in five and seven seat variants. Before today's price increase, the Long Range variant of the Model Y offered in the U.S. had a price tag of $48,490 for the basic five seat variant without the Enhanced Autopilot or Full Self Driving add on features, and the latest details on Tesla's U.S. website have increased the price for this variant to $48,990.
The silent Model Y price increase that has become somewhat of a characteristic on a Thursday night follows a poor earnings show from Tesla. The firm reported its earnings for the third quarter earlier this month, and the results saw it post earnings per share of 66 cents. This marked a two year low and also missed analyst estimates. Tesla's third quarter results followed an earlier delivery report that also missed analyst estimates, and the shares have lost 14% over the past month to wipe off billions in market value.
The earnings release was followed by a relatively sober earnings call conference that saw Tesla chief Elon Musk finally admit that tough macroeconomic conditions will also impact his car company. Musk also sounded cautious about the potential demand for electric vehicles, sharing that high interest rates contributed to higher mortgage payments and credit card debt, with people likely to "hesitate to buy a new car if there's uncertainty in the economy."
The quarterly earnings were
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