Tesla’s share price drops following report that the EV maker is raising prices on most of its cars

The automaker overnight updated its online ordering module to reflect higher prices its Model 3, Model Y, Model S and Model X categories, Electrek reported late Wednesday.

Shares of Tesla fell as much as 4.6% to $666.89 in premarket trade before trimming the loss to 3.6%. The stock this year through Wednesday’s session has declined 34%, underperforming the S&P 500’s slide of 20% that puts that index in a bear market.

The largest price change was for the Model X Dual Motor All-Wheel Drive Long Range, up by $6,000 as the SUV’s price tag went to $120,990 from $114,990.

The Model Y, Tesla’s most popular model, saw the Long Range version move to $65,990 from $62,990. The Performance unit went to $69,990 from $67,990.

The Model 3 saw the smallest price hike but it had already been lifted earlier. The company in March raised the price of the Model 3, putting the starting price of its least expensive vehicle at $46,990. About a year earlier, the Model 3 carried a starting price of $36,990.

Tesla, led by CEO Elon Musk, usually doesn’t disclose the reason behind price increases, Electrek noted. “Increases in raw material prices and logistic costs are usual suspects,” the report said.

Also, Tesla’s site indicates a “significant backlog of orders” with new orders for several models being delivered six to 12 months from now.

“Tesla could just be looking to increase its gross margins,” the report said. “While the company was complaining about increasing costs during its price increases last year, its gross margins on vehicles have consistently increased over the last year.”

Musk said on Twitter in March that Tesla was facing “significant” inflationary pressure in raw materials and logistics.