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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

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.

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Tesla gets a new 'buy' recommendation ahead of earnings

Key Points
  • Tesla shares get new outperform rating from JMP Securities.
  • The automaker is set to report third-quarter earnings after Wednesday's closing bell.
  • "Our detailed modeling suggests the company can make it through the next 18 months without having to raise money, but there is little room for error," JMP says.