Tesla raises prices for second time in days on rising costs

Costs of raw materials are surging

Tesla Inc (TSLA.O) raised its prices in China and the United States for the second time in less than a week, after CEO Elon Musk said the U.S. electric carmaker was facing significant inflationary pressure in raw materials and logistics.

Qazet.az reports that the increases come as costs of raw materials are surging, exacerbated by supply chain disruptions following Russia's invasion of Ukraine.

Prices of metals used in cars have soared, including aluminum that is used in the bodywork, palladium used in catalytic converters, and nickel and lithium that power electric vehicle (EV) batteries.