Tesla ups prices of EV again

For the second time this month, Tesla has increased the cost of its electric vehicles, after CEO Elon Musk said the company was facing substantial inflationary pressure in raw materials and logistics.

The price hikes coincide with rising raw material costs, which have been worsened by supply chain interruptions as a result of Russia's invasion of Ukraine. The automaker has applied a significantly higher price hike across its lineup despite adding $1,000 to several long-range models last week. According to Electrek, the base Model 3 now costs $46,990, which is $2,000 more than before. The Model 3 Dual-Motor All-Wheel Drive is now $54,490, up by $2,500, and the Performance variant is now $61,990, up by $3,000.

Meanwhile, the Long-Range version of the Model Y now costs $62,990, which is $2,000 more than before. Tesla has also raised the price of the Performance variant by $3,000, bringing the total price to $67,990.

Tesla has raised the pricing of both Model S variants by $5,000, making them at least $99,990. Very few of the EVs, however, saw a price hike as significant as the Model X, which now costs $114,990, an increase of $10,000.

Despite the fact that Tesla secretly hiked prices overnight, the action was not unexpected. Elon Musk, the company's CEO, hinted at a price increase on Twitter. "Significant recent inflation pressure in raw materials [and] logistics," he said of Tesla and SpaceX. He didn't go into detail, but he did link to a story about commodity prices rising due to concerns about a shortage of raw commodities Russia exports.

Prices for metals used in automobiles have risen dramatically, including aluminum for bodywork, palladium for catalytic converters, nickel, and lithium for electric vehicle (EV) batteries.

The costs have prompted questions about EV economics as traditional automakers and startups prepare to introduce new vehicles in the wake of a long-running semiconductor supply shortage that has slowed production at companies like Toyota (7203.T) and Volkswagen (VOWG p.DE).

Russia is a major supplier of metal, which is an important component of Tesla's and other electric vehicle makers' lithium-ion batteries. Furthermore, according to Electrek, Tesla is enjoying a large jump in new orders as a result of the increased demand for electric vehicles sparked by rising petrol costs.

According to internal documents obtained by CNBC on Monday, Tesla has purchased "millions of euros worth of aluminum" from Russian aluminum producer Rusal.

Britain has sanctioned Oleg Deripaska, the wealthy founder of Rusal. According to CNBC, Tesla purchased Rusal aluminum for manufacturing parts at its new vehicle assembly factory outside of Berlin, which will be used for the Tesla Model Y, amongst many other things.