Beijing, Jan 1 (IANS): Elon Musk-owned electric vehicle company Tesla has raised the price for the rear-wheel-drive, or the base variant, of the Model 3 and Model Y in China.

The company's official Chinese website has revealed the price change in the country, report GizmoChina.

According to the report, the Model 3's rear-wheel-drive variant now costs around 265,652 Yuan (roughly $42,000), which marks an increase of 10,000 Yuan (roughly $1,575) over the original price.

On the other hand, the price of the rear-wheel drive-version of the Model Y has also been raised to 301,840 Yuan (roughly $47,560), which is around 21,000 Yuan (roughly $3,320) higher than the previous price tag.

The Model Y offers a 545 km range on a single full charge and has a top speed of 217 km/h. It can even accelerate from 0 to 100 km/h in just 6.9 seconds.

On the other hand, the US automobile giant's Model 3 offers a top speed of 225 km/h, with a maximum range of 556 km on a single full charge. It can go 0 to 100 km/h in just 6.1 seconds.

The official reason for the price hike is unknown right now, but might be due to the ongoing chip shortage issue, the report said.