Electric vehicle maker Tesla has increased the cost of its cars due to the supply chain inflation affecting the automotive industry, the company’s billionaire chief executive Elon Musk said.

Last month, Tesla increased the prices of its Model 3 and Model Y EVs. This was the fifth price hike for these models since February.

“Prices increasing due to major supply chain price pressure industry-wide. Raw materials especially,” he said on Twitter.

Musk, who is also the co-founder of the company, was responding to an unverified Twitter account called @Ryanth3nerd, which said, "I really don't like the direction Tesla is going raising prices of vehicles but removing features like lumbar for the Model Y”.

https://twitter.com/elonmusk/status/1399492488612691973

The price of the Model 3 standard range rose to $39,990 from $39,490 in May, while the Model Y long-range, all-wheel-drive price increased to $51,990, from $51,490.