Tesla hikes prices in China and U.S again

Tesla Inc has raised prices in China and the United States for its second increase in less than a week.

The hike comes as founder Elon Musk said the U.S. maker of electric cars faced significant inflation pressure.

The hike is hinged on surging costs of raw materials worsened by a crisis over Russia’s invasion of Ukraine.

The company raised prices for all its models in the United States, its website showed.

In China, it raised prices of some China-made Model 3 and Model Y products by about 5%, soon after a hike on March 10.

After the increases in China, the Model Y Long Range vehicle costs 375,900 yuan ($58,952.68), up 18,000 yuan from March 10, when its price went up by 10,000 yuan.

The price tag of the Model 3 Performance unit was 367,900 yuan after Tuesday’s increase of 18,000 yuan, which followed an increase of 10,000 yuan five days ago.

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