By Dhirendra Tripathi
Investing.com – Tesla, Inc. (NASDAQ:TSLA) stock traded 0.4% lower in premarket Tuesday as global concerns overshadowed the company’s second product price hike in less than a week.
Markets are watching if Russia defaults on two bond coupons that are due this week. While the Russia-Ukraine conflict weighs, markets have also been rattled by several cities in China being put under fresh lockdowns to contain the pandemic.
Commodity prices have retreated but remain significantly higher compared to their last-year levels. In this backdrop, Tesla has raised prices by 3% to 5% in U.S. and China, Bloomberg quoted Credit Suisse (SIX:CSGN) analyst Dan Levy as telling clients in a note.
The cheapest Model 3 in the U.S. is now $46,990, according to Tesla’s website.
Musk tweeted earlier this week that both Tesla and Space Exploration Technologies were seeing “significant” inflation in raw materials and logistics.
Russia and Ukraine are major exporters of many metals, particularly aluminum and copper, the two key elements that go into electric vehicles. The price hikes should offset some of the impacts.