Skip to content
Market Spectator

Market Spectator

Primary Menu
  • Business
  • Domestic
  • Economy
  • Politics
  • Top News
  • Newsletters
Live
  • Home
  • 2024
  • March
  • 18
  • Tesla shares gain after Model Y price hike in US, Europe
  • Business

Tesla shares gain after Model Y price hike in US, Europe

Market Spectator March 18, 2024
FILE PHOTO: Tesla hands over first cars produced at new

FILE PHOTO: Tesla hands over first cars produced at new plant in Gruenheide

By Chibuike Oguh

NEW YORK (Reuters) -Shares of Tesla jumped nearly 7% on Monday after the automaker announced price increases for its Model Y electric vehicles across some European countries and the United States.

Tesla said prices of its Model Y vehicles will be increased by approximately 2,000 euros ($2,177) in some European countries effective March 22, according to a company statement on Saturday. It had announced on Friday price hikes for all Model Y cars in the U.S. by $1,000 effective April 1.

Tesla shares rose as high as $174.72, up nearly 7%, on Monday following the announcements, making it the biggest percent daily gain in more than a month after sliding for two weeks. The stock is now on track for its second straight day of gains after dropping to a near 10-month low last week. It was last up 6.3% at $173.92.

“In light of persistently high Model Y inventory, we view Tesla’s preview of future price increases as an attempt to boost sales this month, rather than a sign of solid demand,” said Deutsche Bank analysts led by Emmanuel Rosner in an investor note on Monday.

The median estimate of the 49 analysts currently covering Tesla’s shares is $193, down from $211.50 a month ago, and their average recommendation is “hold,” according to LSEG data.

Goldman Sachs analysts slashed their 12-month price target on Tesla’s stock to $190, down from $220, citing obstacles to its ramp in Model 3 production and a manufacturing downtime at its Berlin gigafactory following an arson attack.

Tesla’s sales will also be impacted by reduced electric vehicle subsidies in Europe, rising competition in China – which is the company’s second-largest market after the U.S. – and slowing demand, the analyst led by Mark Delaney wrote in an investor note on Sunday.

“While we continue to believe that Tesla is well positioned for longer-term growth given its strong position in the EV and clean energy markets … we believe that softer near-term EV market conditions are weighing on earnings,” the analyst said.

(Reporting by Chibuike Oguh in New York; additional reporting by Noel Randewich in Oakland, CalforniaEditing by Nick Zieminski)

tagreuters.com2024binary_LYNXNPEK2H0KR-VIEWIMAGE

Continue Reading

Previous: Berkshire Hathaway speeds up stock buybacks
Next: Oil mergers, clean fuels vie for attention at Houston energy conference

Related Stories

2025-01-03T141432Z_1_LYNXMPEL020G8_RTROPTP_4_PERNOD-RICARD-INDIA-RAJASTHAN
  • Business

European drinks group skid after US surgeon general calls for cancer warnings

Market Spectator January 3, 2025
2024-12-11T214504Z_1_LYNXMPEKBA10D_RTROPTP_4_REUTERS-NEXT-GOLDMAN-SACHS-CEO
  • Business

AI a productivity boost to banks but making money from it is a challenge

Market Spectator December 11, 2024
2024-12-11T212535Z_1_LYNXMPEKBA102_RTROPTP_4_ADOBE-RESULTS
  • Business

Adobe forecasts fiscal 2025 revenue below estimates on slower subscription spending

Market Spectator December 11, 2024

Live Market Pulse

The charting technology is provided by TradingView. Learn how to use theTradingView Stock Screener.

Categories

  • Business
  • Domestic
  • Economy
  • Politics
  • Top News
  • Uncategorized

Recent Posts

  • European drinks group skid after US surgeon general calls for cancer warnings
  • AI a productivity boost to banks but making money from it is a challenge
  • Adobe forecasts fiscal 2025 revenue below estimates on slower subscription spending
  • Microsoft expects $800 million impairment charge in Q2 2025 over General Motors’ Cruise exit
  • Stunning rally in Big Tech drives Nasdaq to 20,000

You may have missed

2025-01-03T141432Z_1_LYNXMPEL020G8_RTROPTP_4_PERNOD-RICARD-INDIA-RAJASTHAN
  • Business

European drinks group skid after US surgeon general calls for cancer warnings

Market Spectator January 3, 2025
2024-12-11T214504Z_1_LYNXMPEKBA10D_RTROPTP_4_REUTERS-NEXT-GOLDMAN-SACHS-CEO
  • Business

AI a productivity boost to banks but making money from it is a challenge

Market Spectator December 11, 2024
2024-12-11T212535Z_1_LYNXMPEKBA102_RTROPTP_4_ADOBE-RESULTS
  • Business

Adobe forecasts fiscal 2025 revenue below estimates on slower subscription spending

Market Spectator December 11, 2024
2024-12-11T213952Z_1_LYNXMPEKBA109_RTROPTP_4_TECH-ANTIRUST-MICROSOFT
  • Business

Microsoft expects $800 million impairment charge in Q2 2025 over General Motors’ Cruise exit

Market Spectator December 11, 2024
  • Home
  • Terms of Service
  • Privacy Policy
  • Disclaimer
  • Contact Us
Copyright 2025 © All rights reserved | Market Spectator | marketspectator.com