BREAKING: Tesla Hikes Prices For Entry-Level Model Y SUV In China

Tesla Inc TSLA on Thursday hiked the prices for its entry-level Model Y sports utility vehicle in China, CnEVpost reported on Thursday, citing the company’s website.

What Happened: Austin, Texas-based Tesla has raised the Model Y rear-wheel-drive version price by $2,373 to $50,704.

This is the third such price hike from Tesla in the past week. The Elon Musk-led company had earlier maintained the Model Y base version price even as it raised the prices of all China-made vehicles.

See Also: Tesla Hikes Prices In Both US, China For The Second Time Within A Week: All You Need To Know

Why It Matters: Tesla has raised prices in both the United States and China in the past week amid skyrocketing prices of nickel and other key materials used in EV batteries amid inflationary pressure on raw material and logistics.

The hikes indicate EV makers are not insulated from inflation and rising commodity prices as is the case with gas-powered cars. 

Price Action: Tesla stock closed 4.8% higher at $840.23 a share on Wednesday.

Photo courtesy: Tesla Inc