: Tesla hikes U.S. prices

by | Jun 16, 2022 | Stock Market

Tesla is hiking its U.S. prices, as the electric vehicle maker battles rising aluminum costs and the global supply chain crisis. According to its website, the Model S list price has gone up to $109,490, from $104,490 earlier in the month. The Model Y has climbed to $67,990, from $64,990.

Tesla CEO Elon Musk earlier this month was reported to have said he has a “super bad feeling” about the global economy and announced a plan to cut 10% of salary jobs. Tesla
TSLA,
+5.48%
shares have dropped 34% this year, compared to the 20% drop for the S&P 500
SPX,
+1.46%.
In addition to concerns about rising interest rates that have hit tech stocks particularly hard, the vehicle maker’s stock has been pressured by Musk’s takeover bid for Twitter
TWTR,
+2.07%
using pledged Tesla shares as collateral. Musk on Thursday is meeting Twitter’s staff to discuss his takeover proposal.

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