Tesla Inc. has announced a $1,000 price increase for its Model Y in the U.S., effective April 1.

The price hike follows a series of price adjustments, including a February price cut, amidst a competitive electric vehicle market.

Tesla warns of slower growth in 2023 with lower expected sales as it prepares to launch a new vehicle.

Chinese automaker BYD has recently outpaced Tesla in quarterly sales.

CEO Elon Musk advocates for tariffs to protect against the surge of Chinese automakers.

Tesla's stock rose 6.2% following the price increase announcement, signaling a potential boost in Q1 sales and Q2 profit margins.

Despite the stock's recent uptick, Tesla shares have declined by about 30% this year due to weak EV demand and stronger competition.

Analysts maintain a cautious yet optimistic outlook, with an average one-year target price of $198.71 for Tesla's stock.