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Tesla to raise price on Model Y vehicles

Tesla (TSLA) shares are moving higher after announcing plans to boost the price of its Model Y vehicle by $1,000 starting on April 1.

Yahoo Finance Anchors Brad Smith and Seana Smith break down the latest development for Tesla and what it could mean for the broader EV landscape moving forward.

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Editor's note: This article was written by Nicholas Jacobino

Video transcript

SEANA SMITH: Shares of Tesla are moving to the upside, another big data point out this morning, or a headline, I should say. The company raising the price on its Model Y by $1,000 next month in April. You're now looking at gains of just about 2%. We know Tesla had been slashing its prices in order to boost demand. It was a concern here amongst analysts over the last several quarters.

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Evercore coming out, saying that the price rise is, quote, "likely a marketing push to sell production inventory into quarter end as Q1 deliveries appear weak." But again Tesla raising the price here by $1,000. Maybe it will help their margins. How long, though, the key price is there-- that, of course, is a question, too.

And how the rest of the industry responds, as well. Any time you see a price movement in Tesla, more often than not, GM, Ford, also Stellantis considering how they can make sure that their pricing mechanisms keep pace with the demand environment, too.