Tesla late Tuesday night raised U.S. prices on its popular crossover SUV vehicle, after slashing them earlier this year. Meanwhile, Stellantis said it may adopt TSLA's EV charging standard after Ford and General Motors partnered with Tesla's system.
The global EV giant increased U.S. Model Y all-wheel drive prices by $250 late Tuesday, giving the vehicle a starting price of $47,740, according to Tesla's website. The "long range" and "performance" Model Y trims did not have price changes.
The Model Y vehicle is also eligible for the full $7,500 tax credit under the Inflation Reduction Act (IRA).
The Tesla Model Y was the world's bestselling vehicle of any type in Q1, according to data compiled by industry analyst JATO Dynamics for Motor1. The Model Y had 267,200 sales in Q1, according to data from 53 markets and estimates for the rest of the world.
Reuters also reported Tuesday that Stellantis could potentially join Tesla's North American Charging Standard (NACS). Reuters said Stellantis continues to "evaluate the NACS standard and look forward to discussing more in the future."
This comes after GM and Ford recently partnered with Tesla to gain access to its supercharger network.
Tesla dropped 0.77% to 256.73 Wednesday during market trade, snapping a run of 13 consecutive advances.
Stellantis edged up 1% Wednesday while General Motors dropped 0.7%. Ford added 0.5%.
Tesla Stock
Tesla stock surged 14% to 244.40 last week. TSLA is now well extended past a 207.79 buy point from what's either a cup or a double-bottom base. Shares are more than 30% above their 200-day/40-week moving average — the most extended they've been since the stock marked its peak in November 2021.
Meanwhile, the Fed decided Wednesday afternoon to pause rate hikes, but signaled another two quarter percentage point increases could arrive before the end of 2023. The decision left the Fed's key borrowing rate in a range of 5%-5.25%.
Tesla ranks third in IBD's automaker industry group. It has a 98 Composite Rating out of 99. Tesla stock has a 91 Relative Strength Rating and its EPS Rating is 93 out of 99.
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