Tesla on Wednesday raised prices in the U.S. market for the Model Y and Model 3 Long Range by $1,000, according to information posted on the company's website.

Additionally, some versions of the Model 3 and Model Y manufactured in China have also experienced increases in the Chinese market, to the tune of 10,000 yuan (about $1,580).

The Elon Musk-led company raised prices for the cheapest versions of the Model 3 and Model Y about a dozen times last year in the U.S., Reuters notes quoted by the newspaper Negócios.

Compared to January 2021, the price in the North American market for the Model Y Long Range rose 20%, while the Model 3 Long Range saw a price increase of 10.6% over the same period.

These rises come at a time when commodity prices have been climbing, a trend made worse by Russia's invasion of Ukraine.

The raw materials that have the most impact on Tesla's production costs include nickel and lithium.

This surge in these materials has even led to a temporary reversal of the downward trend in the cost of batteries - the most expensive component of electric vehicles - hindering the wider adoption of these vehicles, says Gregory Miller, an analyst at Benchmark Mineral Intelligence, quoted by Reuters.