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Tesla raises prices of some Model Y vehicles in US
Automotive expert Lauren Fix joins ‘Cavuto: Coast to Coast’ to weigh in on Ford’s decision to offer EV owners free Tesla Superchargers until July.
Elon Musk’s Tesla on Friday raised prices on certain Model Y vehicles sold in the U.S. market by $1,000, according to the company’s website.
The electric vehicle maker raised the price of its Model Y rear-wheel drive and long-range vehicles to $43,990 and $48,990, respectively. Prices of the Model Y Performance variant and other models of the car remained unchanged as of Friday, according to the website.
In February, Tesla temporarily cut prices of some of its Model Y cars in the U.S. until Feb. 29, nearly a month after it cut prices in Europe and China.
“This is the essential quandary of manufacturing: factories need continuous production for efficiency, but consumer demand is seasonal,” Tesla CEO Elon Musk said last month when responding to a post from Tesla on X, formerly Twitter, that indicated prices would go up in March.
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Tesla raised prices for the Model Y rear-wheel drive and the long-range variant of the vehicle. (Photo by Peerapon Boonyakiat/SOPA Images/LightRocket via Getty Images / Getty Images)
Car buyers in the U.S. have opted for hybrids over EVs in the past few months due to higher ownership costs and some EV models losing their eligibility for federal tax credits over battery sourcing requirements included in the Inflation Reduction Act.
In January, Tesla warned of “notably lower” sales growth this year as it focuses on the production of its next-generation electric vehicle, which is code-named “Redwood.”
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 202.65 | +0.77 | +0.38% |
Tesla’s latest price hike may help the company’s margins, which were strained over the last year as the company and other EV-makers engaged in a price war that impacted its profitability in a bid to preserve market share.
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Tesla had temporarily cut prices for certain Model Y vehicles in February to boost sales. (Photographer: Yuki Iwamura/Bloomberg via Getty Images / Getty Images)
The company is bracing for competition from a growing number of cheap EVs, such as those made by China’s BYD, which surpassed Tesla as the world’s leading EV maker in the final quarter of 2023. BYD has begun selling vehicles in Europe and is eyeing a potential entry into the U.S. market.
Tesla shares are down over 18% in 2024 so far and are up a little more than 4.5% over the past year.
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Reuters contributed to this report.
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As we look ahead to 2024, many homeowners and prospective buyers are wondering what to expect when it comes to mortgage rates. The landscape of the housing market is constantly changing, so it’s important to stay informed about trends and predictions. In this blog post, we will discuss some factors that could impact mortgage rates in 2024 and what homeowners and buyers can expect.
One factor that could impact mortgage rates in 2024 is the overall state of the economy. If the economy is strong and growing, we may see higher mortgage rates as the Federal Reserve looks to combat inflation. On the other hand, if the economy is stagnant or in a recession, we may see lower mortgage rates as the Fed looks to stimulate growth. It’s important to keep an eye on economic indicators such as GDP growth, unemployment rates, and inflation to get a sense of where mortgage rates may be heading.
Another factor that could impact mortgage rates in 2024 is Federal Reserve policy. The Fed plays a key role in setting interest rates, and their decisions can have a ripple effect on mortgage rates. If the Fed decides to raise interest rates in response to inflation, we may see an increase in mortgage rates. Conversely, if the Fed decides to lower interest rates to stimulate growth, we may see a decrease in mortgage rates. Keeping up with the latest news and announcements from the Fed can give homeowners and buyers a sense of where mortgage rates may be heading.
In terms of specific cities and local mortgage companies, it’s important to note that mortgage rates can vary depending on location and lender. For example, in a city like New York City, where real estate prices are high, mortgage rates may be higher compared to a city like Indianapolis, where real estate prices are lower. Additionally, local mortgage companies may offer competitive rates and terms compared to national lenders. For example, in New York City, local lenders like Quontic Bank and CrossCountry Mortgage may offer specialized products and services tailored to the needs of local buyers.
It’s important for homeowners and buyers to shop around and compare rates from multiple lenders to ensure they are getting the best deal. Websites like Bankrate and LendingTree can be helpful resources for comparing rates and terms from multiple lenders. Homeowners and buyers should also consider working with a mortgage broker who can help them navigate the lending process and find the best mortgage product for their needs.
In conclusion, predicting mortgage rates in 2024 is not an exact science, but there are several factors that could impact rates. By staying informed about economic indicators, Federal Reserve policy, and local market trends, homeowners and buyers can make informed decisions about their mortgage. Shopping around and comparing rates from multiple lenders is key to ensuring you are getting the best deal on your mortgage. Whether you’re looking to refinance your existing mortgage or buy a new home, it’s important to stay informed and be proactive in managing your mortgage.
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