Tesla Inc (NASDAQ:TSLA) shares are trading lower Thursday after the company raised the prices of its vehicle models in the United States.
The price hikes come as raw material costs surge amid global supply-chain disruptions.
Tesla increased the price of its Model Y long range from $62,990 to $65,990 on its website Thursday, a jump of $3,000. The EV company also raised the price of the Model 3 long range by $2,500, bringing the starting cost to $54,490.
See Also: Tesla Model 3 Tops List Of Most Loved Cars By Customers Globally In New Study
Tesla's Model S dual motor long range vehicle is now $5,000 more than it was last week, priced at $104,990, while the company's Model X jumped the most with a $6,000 price increase.
Tesla CEO Elon Musk has warned about increased recession risks in recent weeks. Earlier this month, Musk said he had a "super bad feeling" about the economy and wanted to cut 10% of jobs in the company. This round of price hikes is just one of several that Tesla has implemented since the start of the year.
TSLA Price Action: Tesla has a 52-week high of $1,243.49 and a 52-week low of $593.50.
The stock was down 5.78% at $658.45 at press time, according to data from Benzinga Pro.
Photo: courtesy of Tesla.
