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<p class="has-drop-cap">In a notable turn of events for Tesla Inc. (NASDAQ: TSLA), the electric vehicle giant recently <a href="https://www.reuters.com/business/autos-transportation/tesla-raise-model-y-vehicles-prices-by-1000-april-1-2024-03-16/" target="_blank" aria-label="announced (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">announced</a> a price hike for its Model Y vehicles in the United States. The move has subsequently led to a rally in its stock price.</p>
<p>Amidst a challenging market environment that saw the company’s shares plummet to a 10-month low and rank as the S&amp;P 500’s <a href="https://tokenist.com/boeing-now-the-second-worst-performer-in-the-sp-500-ytd-only-behind-tesla/" rel="noopener noreferrer nofollow" class="deco-link">poorest performer</a> this year, this price adjustment is a strategic effort to navigate through slowing demand and <a href="https://tokenist.com/tesla-vs-li-auto-which-ev-stock-to-back-in-2024/" class="deco-link" rel="noopener noreferrer nofollow">intensifying competition</a>.</p>
<h3 id="tesla-shares-gain-as-firm-announces-price-increase-for-model-y">Tesla Shares Gain as Firm Announces Price Increase for Model Y</h3>
<p>Tesla Inc. announced on Friday that it would increase the price of all Model Y electric vehicles (EVs) in the United States by $1,000, effective April 1. After factoring in the<a href="https://www.irs.gov/credits-deductions/credits-for-new-clean-vehicles-purchased-in-2023-or-after" target="_blank" aria-label=" $7,500 tax credit (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link"> $7,500 tax credit</a>, the current starting price for a Model Y is $36,490. Following the announcement, Tesla’s stock experienced a 3.2% increase in premarket trading.</p>
<p>The recent uptick in stock price comes after a challenging period for the EV maker. Over the past two weeks, Tesla’s stock has seen a <a href="https://tokenist.com/tesla-is-the-only-loser-in-the-magnificent-seven-so-far-this-year/" rel="noopener noreferrer nofollow" class="deco-link">significant downturn</a>, dropping by 19.3%, which marks the company’s worst two-week performance in the last 15 months.</p>
<p>Year to date, Tesla’s stock has decreased by 34.2%, making it the worst-performing stock in the <a href="https://tokenist.com/investing/spx-vs-spy/" rel="noopener noreferrer nofollow" class="deco-link">S&amp;P 500 index</a>, which has gained 7.3% during the same period. <br><br>As a result of this downturn, Tesla has fallen to the 12th position on the list of most valuable U.S. companies, with a market capitalization of $520.9 billion at the close of the previous week. The company has lost $270.4 billion in market cap since the beginning of the year.</p>
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<h3 id="tsla-stock-technical-brief">TSLA Stock Technical Brief</h3>
<p><a href="https://tokenist.com/investing/best-stock-brokers/" rel="noopener noreferrer nofollow" class="deco-link">Tesla stock</a> surged on Monday, with shares trading at $169.02, up by $5.45 or 3.33% as of 10:17 AM EDT. The electric vehicle maker’s stock opened the day at $170.16, slightly higher than the previous close of $163.57. <br><br>The stock price fluctuated between $165.90 and $170.18 throughout the trading session, showcasing the day’s range. Over the past 52 weeks, Tesla’s stock has experienced a wide range, with a low of $152.37 and a high of $299.29.</p>
<p>The company’s market capitalization currently stands at $538.516 billion, with a trading volume of 26,173,278 shares, significantly lower than the average volume of 105,667,635 shares.</p>
<p>Tesla’s stock has a beta of 2.41, indicating higher volatility than the overall market. The company’s <a href="https://tokenist.com/investing/p-e-ratio/" rel="noopener noreferrer nofollow" class="deco-link">PE ratio</a> (TTM) is 39.32, reflecting the price investors will pay for each dollar of earnings.</p>
<p>Tesla’s earnings per share (TTM) stand at $4.30, and the company is expected to report its next earnings between April 17, 2024, and April 22, 2024. Analysts have set an average one-year target price of $198.71 for Tesla’s stock.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><strong><em>Do you think Tesla could see a turnaround this year? Let us know in the comments below.</em></strong></p>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p>
<h3 id="br"><br></h3>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/teslas-model-y-price-hike-sparks-stock-rally-amid-market-challenges/">Tesla’s Model Y Price Hike Sparks Stock Rally Amid Market Challenges</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Tesla’s Model Y Price Hike Sparks Stock Rally Amid Market Challenges

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