Tesla hikes the new Model 3 price by $1,000

A Tesla Model 3 car is on display during the Auto China 2018 at China International Exhibition Center on April 25, 2018 in Beijing, China. 
VCG | Getty Images
A Tesla Model 3 car is on display during the Auto China 2018 at China International Exhibition Center on April 25, 2018 in Beijing, China. 

Tesla has increased the price for its new Model 3 sedan launched last week by $1,000 to $46,000, according to the company's website.

The electric carmaker surprised markets by launching the new model on Oct. 18 in a move that came as U.S. tax breaks for Tesla cars are about to decrease.

Tesla is scheduled to report quarterly results after market close on Wednesday.