(Yicai Global) March 10 -- Tesla has raised its electric vehicle prices by CNY10,000 (USD1,582) in China following smaller increases in the United States amid skyrocketing battery material prices.

A Model 3 Performance will cost at least CNY349,900 (USD55,300) in China, according to Tesla’s regional website that was updated with fresh prices today. The new price of Model Y Long Range is CNY357,900 and that of Model Y Performance is CNY397,900.

Surging nickel prices may be linked to the move. The price of the metal used in batteries almost quadrupled to a record high of USD50,000 per ton on the London Metal Exchange in the two trading days ended March 8.

If nickel prices rise to USD50,000 per ton, the cost of a single Model 3 vehicle will increase by about CNY10,500 (USD1,662), according to a recent research report by TF Securities.

Tesla has changed its pricing policy on the home turf too. Model Y Long Range will cost USD1,000 more at USD59,990 now while buyers of Model Y Performance will need to pay a total of USD64,990, also a USD1,000 increase, according to its US website. Model Y Performance costs USD64,990.

Battery manufacturers should be somewhat protected against the price hikes while car manufacturers are less so. Contracts with automakers stipulate that battery prices are linked to metal prices on the LME, an insider at a battery company said to Yicai Global.

However, Tesla clients may need to wait for their purchases for longer. After the company's price adjustment, new deliveries should take from 16 to 20 weeks instead of the earlier schedule of 12 to 16 weeks that was shown on the Chinese website late last year.

Tesla has raised its China-made Model 3 prices six times since 2021. The latest addition was completed last December. On debut in January 2021, the vehicle cost a minimum of CNY249,900.

Editor: Emmi Laine, Xiao Yi