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Tesla hikes US, China prices for Model 3 and Model Y car

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The company increased prices for the most affordable versions of Model 3 and Model Y about a dozen times last year in the United States, according to data tracked by Reuters. 

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The U.S. price of the EV maker's Model Y Long Range car has jumped 20% from January 2021

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along with a 10.6% hike for its Model 3 Long Range sedan during the same period. 

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The move comes amid surging raw material costs, made worse by Russia's invasion of Ukraine 

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and could set back the dream of Tesla Chief Executive Elon Musk and other auto executives to roll out more affordable electric vehicles. 

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Rising prices of nickel, lithium and other materials threaten to slow and even temporarily reverse the long-term trend of falling costs of batteries  

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