Beijing - Tesla hiked prices in China and the United States on Tuesday. The increase, a second one in less than a week came after founder Elon Musk said the U.S. maker of electric cars faced significant inflation pressure.

Costs of raw materials surged, worsened by a crisis over Russia's invasion of Ukraine, with Musk saying on Sunday that the carmaker and rocket company Space X faced pressure in areas such as raw materials and logistics.

The company’s website showed an increase in prices for all its models in the United States. In China, prices of some China-made Model 3 and Model Y products were raised by about 5%, soon after a hike on March 10.

After the increases in China, the Model Y Long Range vehicle costs 375,900 yuan ($58,952.68), up 18,000 yuan from March 10, when its price went up by 10,000 yuan.

The price tag of the Model 3 Performance unit was 367,900 yuan after Tuesday's increase of 18,000 yuan, which followed an increase of 10,000 yuan five days ago.
-Reuters