Tesla (TSLA) is quietly hiking prices across all its cars in Canada, just days after U.S. President Donald Trump signaled he would impose punitive tariffs on imports from the country.
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A notice on Tesla’s Canadian website said prices would rise across the range from February 1st.
Coincidentally, this is the same day slated by the president to place 25% tariffs on goods imported from Canada and Mexico.
According to the site, the price of the Model 3 will rise as much as C$9,000, over $6,254. Price hikes range from C$4,000 for the Long Range Rear-Wheel Drive (RWD) variant, up to C$9,000 for the Performance trim.
Prices for the Model S, Model X, and Model Y will increase by C$4,000 across all variants.
Tesla, which does not make any of its vehicles in Canada, importing them from places like the U.S., has not made clear the reason for the price hikes.
But it comes amid simmering trade tensions between the U.S. and Canada, which already imposes 100% tariffs on electric vehicles made in China, including those of Tesla.
After Trump, who has a close political relationship with Tesla CEO Elon Musk, indicated the February 1st dateline for tariffs, Canadian prime minister Justin Trudeau said the country “will respond and everything is on the table.” Subsequently he softened this language to say Canada could help Trump achieve America’s “golden age.”
While the rationale may be unclear for now, it underlines how automakers are susceptible to global trade and economic policy emanating from the White House and beyond.
TSLA Sees Flurry of Upgrades
Meanwhile, Wall Steet bulls are sound even more bullish on the stock. Piper Sandler five-star analyst Alexander Potter increased his price target on TSLA from $315 to $500 per share this week.
Outdoing this move, Wedbush Securities’ Daniel Ives delivered a fresh Street-high for the stock, raising his price target to $550 from $515, and suggesting the company could achieve a $2 trillion valuation.
Is Tesla Stock a Good Buy?
Wall Street has a Hold consensus rating based on 13 Buys, 12 Holds, and nine Sell ratings. Also, the average Tesla price target of $329.63 implies around 20% downside from current levels.
