Tesla to raise prices for its electric cars in some European countries

Tesla has announced that on 22 March it will increase the prices of its Model Y electric vehicles (EVs) in several European countries by around €2,000.

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This decision comes after the automaker also announced a $1,000 price increase for all Model Y cars in the US. In addition, since the first of March, Tesla has already raised prices for rear-wheel drive and long-range Model Y models by $1,000.

CEO Elon Musk has previously said that factories need to be constantly operating to be efficient, but demand for electric cars is seasonal.

In general, Tesla's profitability has suffered due to the price war with competitors that began more than a year ago. In January, the company warned of "markedly lower" sales growth this year as it focuses on producing its next-generation electric vehicle, codenamed "Redwood".

Source: Reuters