Tesla increases new Model 3 price by $1,000

Tesla Model 3

Tesla Inc has increased the cost for its new Model 3 sedan launched previous week by $1,000 to $46,000, according to the automaker’s website.

The electric automaker surprised markets by introducing the new model on October 18 in a move that came as U.S. tax breaks for Tesla vehicles are about to reduce.

Tesla is set to report quarterly results after market close on Wednesday.

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