SAN FRANCISCO: Tesla Inc (TSLA.O) slightly increased the price of its Model Y electric vehicle in the United States on Tuesday, according to its website.

The company increased the price of the variant by a mere $250, bringing it to $47,740, the website showed, while the prices for the other variants remained unchanged in the U.S.

This is the third price hike for the Model Y since April 19, when Tesla last cut prices for some of its cars in the country.

In May, the company had increased the price of its Model S, X, and Y vehicles by low single-digit percentages.

Tesla has been slashing prices globally since January seeking to drive volumes. CEO Elon Musk had said that the company was willing to sacrifice margins for sales volume but was also looking to raise back prices, where it can.

But even after Tuesday's price hike, the price of the Model Y remains 4.5% below the price before it was slashed earlier in April.