By Sophie Yu and Brenda Goh and Maria Ponnezhath and Sayantani Ghosh
BEIJING (Reuters) – Tesla raised prices in China and the United States for the second time in less than a week after Chief Executive Elon Musk said the electric car maker is facing significant inflationary pressure on raw materials. and logistics.
All Tesla models in the US have been priced up by 5% to 10%, according to the company’s website. In China, there was an increase for some products by around 5%.
Prices for metals used in automobiles have soared, including aluminum for bodywork, palladium for catalytic converters and the nickel and lithium that make up electric vehicle batteries.
Last week, Tesla announced price increases on US Model Y utility vehicles and Model 3 Long Range sedans and some Model 3 and Model Y vehicles made in China.
“Tesla and SpaceX are facing significant inflationary pressure with raw materials and logistics,” Musk said in a tweet on Sunday, also referring to his special rocket company. “And we are not alone,” he added.
BUSINESS WITH RUSAL
Tesla, which has a diversified supply chain, has purchased “millions of euros worth of aluminum” from Russian aluminum giant Rusal, CNBC reported on Monday, citing internal documents.
The billionaire founder of Rusal, Oleg Deripaska, has been sanctioned by Britain.
Among other destinations, Tesla purchased aluminum from Rusal to fuel its new vehicle plant in Germany, CNBC said.
Tesla and Rusal did not immediately respond to Reuters requests for comment.
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