Tesla has hiked the prices of its electric vehicles in the U.S. and China after CEO Elon Musk warned of inflation pressure on the business. The company raised the prices of all its models in the U.S. In China, a version of the Model 3 and the Model Y saw price hikes. It is the second increase within the last week.

Tesla did not give a reason for the increases. Musk said in a tweet earlier this week that Tesla and his space exploration company SpaceX have seen “significant recent inflation pressure in raw materials & logistics.”

Materials such as nickel, a key component of electric vehicle batteries, are on the rise. Meanwhile, a flare-up of Covid cases in China and lockdowns in some cities have added a further challenge to already-stretched supply chains. Critical components like semiconductors also remain in short supply.

The Model Y Long Range in China now costs 375,900 yuan — up from the previous price of 357,900 yuan. The Model Y Performance is currently priced at 417,900 yuan, up from 397,900 yuan previously.