Tesla raises prices for second time in days on rising costs

Tesla Motors Store in Indianapolis Selling Electric Cars. Shutterstock
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Updated 15 March 2022
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Tesla raises prices for second time in days on rising costs

  • The increases come as costs of raw materials are surging

BEIJING: Tesla Inc. raised its prices in China and the United States for the second time in less than a week, after CEO Elon Musk said the US electric carmaker was facing significant inflationary pressure in raw materials and logistics.


The increases come as costs of raw materials are surging, exacerbated by supply chain disruptions following Russia’s invasion of Ukraine.


Prices of metals used in cars have soared, including aluminum that is used in the bodywork, palladium used in catalytic converters, and nickel and lithium that power electric vehicle batteries.


The costs have raised concerns about EV economics, as legacy automakers and startups prepare to launch new cars on the back of a long semiconductor supply crunch that is still knocking production at companies including Toyota and Volkswagen.


Tesla, which has a diversified supply chain, has bought “millions of euros worth of aluminum” from Russian aluminum giant Rusal, CNBC reported on Monday, citing internal documents.


Rusal’s billionaire founder Oleg Deripaska has been sanctioned by Britain.


Tesla bought Rusal aluminum for casting parts at its new vehicle assembly plant outside of Berlin for the Tesla Model Y, among other things, CNBC said.


Tesla received a conditional go-ahead for its 5 billion euro ($5.5 billion) German gigafactory earlier this month after months of delay.


Tesla and Rusal did not immediately respond to emails seeking comment.


“Tesla & SpaceX are seeing significant recent inflation pressure in raw materials & logistics,” Musk tweeted on Monday, referring to his rocket company. “And we are not alone,” he said.


Tesla raised prices on Tuesday for all its models in the United States by 5 percent-10 percent, its website showed.

In China, it raised prices of some China-made Model 3 and Model Y products by about 5 percent.


Last week, the company increased prices of its US Model Y SUVs and Model 3 Long Range sedans and some China-made Model 3 and Model Y vehicles.
 


Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

Updated 25 January 2026
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Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

RIYADH: Culture has become a fundamental pillar in bilateral relations between France and Saudi Arabia, according to the French Ambassador to the Kingdom, Patrick Maisonnave.

Maisonnave noted its connection to the entertainment and tourism sectors, which makes it a new engine for economic cooperation between Riyadh and Paris.

He told Al-Eqtisadiah during the opening ceremony of La Fabrique in the Jax district of Diriyah that cultural cooperation with Saudi Arabia is an important element for its attractiveness in the coming decades.

La Fabrique is a space dedicated to artistic creativity and cultural exchange, launched as part of a partnership between the Riyadh Art program and the French Institute in Riyadh. 

Running from Jan. 22 until Feb 14, the initiative will provide an open workspace that allows artists to develop and work on their ideas within a collaborative framework.

Launching La Fabrique as a space dedicated to artistic creativity

The ambassador highlighted that the transformation journey in the Kingdom under Vision 2030 has contributed to the emergence of a new generation of young artists and creators, alongside a growing desire in Saudi society to connect with culture and to embrace what is happening globally. 

He affirmed that the relationship between the two countries is “profound, even cultural par excellence,” with interest from the Saudi side in French culture, matched by increasing interest from the French public and cultural institutions unfolding in the Kingdom.

Latest estimates indicate that the culture-based economy represents about 2.3 percent of France’s gross domestic product, equivalent to more than 90 billion euros ($106.4 billion) in annual revenues, according to government data. The sector directly employs more than 600,000 people, making it one of the largest job-creating sectors in the fields of creativity, publishing, cinema, and visual arts.

Saudi Arabia benefiting from French experience in the cultural field

Maisonnave explained that France possesses established cultural institutions, while Saudi Arabia is building a strong cultural sector, which opens the door for cooperation opportunities.

This comes as an extension of the signing of 10 major cultural agreements a year ago between French and Saudi institutions, aiming to enhance cooperation and transfer French expertise and knowledge to contribute to the development of the cultural system in the Kingdom.

He added that experiences like La Fabrique provide an opportunity to meet the new generation of Saudi creators, who have expressed interest in connecting with French institutions and artists in Paris and France.

La Fabrique encompasses a space for multiple contemporary artistic practices, including performance arts, digital and interactive arts, photography, music, and cinema, while providing the public with an opportunity to witness the stages of producing artistic works and interact with the creative process.