07:29 AM EDT, 06/13/2024 (MT Newswires) -- Tesla (TSLA) expects to hike the prices of its Model 3 due to additional import duties the EU is likely to impose on electric cars imported from China, the automaker said Thursday on its website.

Prices are expected to increase starting July 1, the company said in a message displayed on its website for countries including France and Hungary, although it did not specify the size of the potential hike.

The European Commission said Wednesday it plans to levy additional import taxes of up to 38.1% on imported electric cars made in China starting July.

Shares of the company were up nearly 7% in recent Thursday premarket activity.

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