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Tesla, BYD raise electric car prices on nickel turmoil

Essential metal in car batteries at over $30,000 per ton after invasion

Tesla has raised electric car prices in the U.S. and elsewhere.   © Reuters

TOKYO/GUANGZHOU -- Russia's invasion of Ukraine has driven up the prices of battery materials, such as nickel and lithium, forcing Tesla and other electric vehicle makers to raise prices.

"Tesla & SpaceX are seeing significant recent inflation pressure in raw materials & logistics," Tesla CEO Elon Musk tweeted on March 13. The U.S. EV maker raised prices on all models by 4-10% in the U.S. in mid-March, and also lifted prices in other markets, including Japan.

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