On Monday, Tesla (NASDAQ:) took to its website to announce a $1,000 price hike for all its Model Y variants in the United States.

The adjustment brings the starting price of the Model Y base variant to $44,990, while the long-range and performance variants will now set buyers back $49,990 and $53,490, respectively.

This move aligns with the electric vehicle (EV) giant’s previous announcement in March, saying it plans to increase Model Y prices by $1,000 starting April 1.

Tesla is set to release its first-quarter production and delivery figures later this week, and there’s anticipation of a potential sequential decline from the last quarter’s numbers, following a year marked by record achievements.

Amidst growing concerns over electric vehicle demand, the competitive landscape in China, and broader macroeconomic issues, analysts have been revising their delivery forecasts for Tesla downwards for the first quarter.

Among them, analysts at Wedbush have adjusted their outlook on Tesla, lowering their price target from $315 to $300 while also cutting their delivery estimates for both the first quarter and the full year.

The analysts now expect TSLA to report 425,000 in deliveries for the first quarter, down from their previous forecast of 475,000.

“Let’s call it like it is: 1Q deliveries has been a nightmare quarter for Tesla as China demand remains very soft coming out of the gates for 2024,” analysts at Wedbush said.

These quarterly numbers “will not be a moment of celebration for the bulls,” they added.

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