Tesla raises prices in the European Union

Tesla raises prices in the European Union

Electric car maker Tesla plans to increase Model 3 prices in the European Union from July, as a result of import duties on Chinese electric cars.

This was reported by several American media outlets, referring to messages on Tesla websites in several European Union countries.

“We expect to have to increase prices for Model 3 vehicles effective July 1, 2024. This is due to additional duties that will likely be imposed on electric vehicles produced in China and sold in the European Union,” the company reportedly wrote in the letter.

Tesla has a factory in Shanghai, where the company produced 947,000 cars last year. 600,000 of them went to the Chinese market, while the rest was exported, according to CNBC.

The extent of the price increase or whether prices in Norway will be affected has not been announced.

Tool & Hold Bonus

The increase in prices comes as a result of the European Union's announcement yesterday of imposing new customs duties on Chinese electric cars to prevent damage to the European auto industry.

Additionally, this announcement comes at the same time Tesla shareholders will vote on a proposal to move headquarters from the tax haven of Delaware to (still tax-friendly) Texas, as well as giving Tesla owner Elon Musk a giant bonus. $56 billion for his work as managing director of the company.

Via Twitter, Musk has already declared victory for both proposals, posting posts showing that the number of votes has reached the “certain victory” level. He wrote in the posts: “Two Tesla shareholder resolutions are currently passing by a wide margin! Thanks for the support!!”

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There has been a lot of controversy over Musk's pay package, after a Delaware judge blocked the pay package in February, concluding it was “incomprehensible.” By moving the headquarters to Texas, Musk will try to circumvent the decision.

Oil Fund-No

Additionally, the oil fund voted against the salary package, which led to Musk following oil fund manager Nikolai Tangen on Twitter.

Musk had previously threatened to consider redirecting his focus on AI development away from Tesla if shareholders did not approve his pay package, which could have affected the stock price.

On Thursday afternoon, Tesla stock rose about 6.8 percent in pre-trading on Wall Street.

Hanisi Anenih

Hanisi Anenih

"Web specialist. Lifelong zombie maven. Coffee ninja. Hipster-friendly analyst."

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