Beijing: Tesla Inc hiked prices in China and the United States on Tuesday for its second increase in less than a week, after founder Elon Musk said the US maker of electric cars faced significant inflation pressure.

The increases come as costs of raw materials surge, worsened by a crisis over Russia’s invasion of Ukraine, with Musk saying on Sunday that the carmaker and rocket company Space X
faced the pressure in areas such as raw materials and logistics.

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.

Tesla declined to comment.

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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