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Tesla raised prices in China and the US on Tuesday — its second increase in less than a week — after founder Elon Musk said the US maker of electric cars faced significant inflation pressure.
The increases come as costs of raw materials surge, worsened by a crisis over Russia's military offensive in Ukraine.
Mr Musk said on Sunday that the electric vehicle maker and rocket company Space X faced pressure in areas such as raw materials and logistics.
The company raised prices for all its models in the US, its website showed. In China, it raised prices of some China-made Model 3 and Model Y vehicles by about 5 per cent, soon after an increase made on March 10. Tesla declined to comment.
After the increases in China, the Model Y Long Range vehicle costs 375,900 yuan ($59,098), 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 came after an increase of 10,000 yuan five days ago.
Russia's military offensive in Ukraine has been pushing up the prices of metals used in cars, from aluminium in the bodywork to palladium in catalytic converters to the high-grade nickel in electric vehicle batteries, and drivers are expected to foot the bill.
While metals have yet to become the target of western sanctions, some shipping companies and car parts suppliers are steering clear of Russian goods, putting more pressure on vehicle manufacturers already reeling from a chip shortage and higher energy prices.
Escalated by housing, food and gas prices, US consumer inflation had its steepest increase in the last four decades, probably cementing the case for the Federal Reserve to raise interest rates.
Meanwhile, rising prices of nickel, lithium and other materials are expected to slow and even temporarily reverse the long-term trend of falling costs of batteries, the most expensive part of EVs, hampering the broader adoption of the technology, Gregory Miller, an analyst at industry forecaster Benchmark Mineral Intelligence, said last week.
UAE currency: the story behind the money in your pockets
Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
If you go
The flights
Etihad (etihad.com) flies from Abu Dhabi to Luang Prabang via Bangkok, with a return flight from Chiang Rai via Bangkok for about Dh3,000, including taxes. Emirates and Thai Airways cover the same route, also via Bangkok in both directions, from about Dh2,700.
The cruise
The Gypsy by Mekong Kingdoms has two cruising options: a three-night, four-day trip upstream cruise or a two-night, three-day downstream journey, from US$5,940 (Dh21,814), including meals, selected drinks, excursions and transfers.
The hotels
Accommodation is available in Luang Prabang at the Avani, from $290 (Dh1,065) per night, and at Anantara Golden Triangle Elephant Camp and Resort from $1,080 (Dh3,967) per night, including meals, an activity and transfers.
Cherry
Directed by: Joe and Anthony Russo
Starring: Tom Holland, Ciara Bravo
1/5
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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