Tesla (TSLA) has raised prices for all versions of its Model Y electric vehicle in the United States by $1,000 U.S., according to the company’s website.
The Model Y base model now costs $44,990 U.S., while the higher end long range and performance models are priced at $49,990 U.S. and $53,490 U.S.
Tesla had previously said in March that it would increase prices for all Model Y cars in America by $1,000 U.S. on April 1.
The price increase comes a day before Tesla is due to release its first quarter 2024 delivery numbers, its closest approximation of sales data.
Analysts are bracing for poor delivery numbers from Tesla as the company faces a slowdown in sales amid rising global competition in the electric vehicle market.
Chinese rival BYD overtook Tesla in deliveries in the fourth quarter of 2023, highlighting the intensity of competition among electric vehicle makers.
During their fourth quarter 2023 earnings call with analysts and shareholders, Tesla executives said they expected deliveries to be noticeably lower this year.
The stock of Tesla declined 29% during this year’s first quarter, making it the worst performer in the benchmark S&P 500 index.
Tesla’s share price is currently at $175.79 U.S. per share.