Tesla Inc (NASDAQ:TSLA) hiked prices for the second time in a week after CEO Elon Musk warned of rising inflationary pressures.
The EV maker raisex prices for its Model 3 and Model Y cars in China and the US by around 5%, following a hike on 10 March.
The models, made in China, are facing rising input-cost inflation initiated by global supply chain shortages and exasperated by Russia’s invasion of Ukraine, which has pushed up commodities.
On Sunday, Musk asked his near 78mln Twitter followers what their thoughts were on probable inflation over the next few years.
“Tesla & SpaceX are seeing significant recent inflation pressure in raw materials & logistics,” Musk said in a follow-up tweet.
In China, a Model Y Long Range now costs around 357,900 yuan (US$56,108.63), up 28,000 yuan since 10 March. The same rise applied to the Model 3, which is now 367,900 (US$57,676.35).
Tesla shares were up 1.7% in after-hours trading yesterday to close at US$766.37.