Tesla (TSLA) shares advanced Monday after the electric ꦕvehicle (EV) maker announced that it was raising the price of its most popular model, the Model Y.

The company posted on its website that the cost of the mid-size SUV💧 would increase $1,000 o♈n April 1. 

Tesla already boosted Model Y prices by $1,000 on March 1 on its 澳洲幸运5官方开奖结果体彩网:real-wheel and long-range versions, putting them at their current base price of $43,990 and $48,990, respectively. Both qualify for the $7,500 澳洲幸运5官方开奖结果体彩网:EV federal tax credit.

The March and April hikes came after a January price reduction in China and Europe, which was followed by one in the U.S. in February. After that cut, CEO Elon Musk wrote on X, “Since most people don’t love to buy cars in the middle of winter, Tesla is offering a $1000 incentive to do so. This is the essential quandary of manufacturing: factories need continuous production for efficiency, but consumer demand is seasonal.”

Tesla previously announce♌d that buyers💎 could get 5,000 hours of free Supercharging if they take delivery by the end of the month. In addition, those who already own a Model Y and trade it in for another would get 10,000 free Supercharging hours.

Tesla has struggled as EV demand slumps and competition increases. Tesla shares were up 6.2% to $173.67 at about 11:30 a.m. ET Monday but have lost about 30% of their value this year.