The increase occurred when the cost of raw materials soared, especially Nickel, which is an important material for making electric vehicle batteries. Russia itself is known as one of the largest nickel producers in the world. The crisis of Russia’s invasion of Ukraine was cited as one of the drivers of rising raw material prices.
Musk himself tweeted that automaker and rocket company Space X were facing pressure in areas such as raw materials and logistics.
In China, Tesla raised the prices of some Chinese-made Model 3 and Model Y products by about 5%, immediately after the March 10 hike.
IN China, the Tesla Model Y Long Range costs 375,900 yuan ($58,952.68), up 18,000 yuan from its last gain on March 10.
The Tesla Model 3 Performance was 367,900 yuan after Tuesday’s 18,000 yuan increase, which followed a 10,000 yuan increase five days ago.