NEW YORK, March 18 Reuters Shares of Tesla rose by nearly 7 on Monday after the automaker announced price increases for its Model Y electric vehicles across some European countries and the United States.

Tesla said prices of its Model Y vehicles will be increased by approximately 2,000 euros 2,177 in some European countries effective March 22, according to a company statement on Saturday. It had announced on Friday price hikes for all Model Y cars in the U.S. by 1,000 effective April 1.

Tesla shares rose as high as 174.72, up nearly 7, on Monday following the announcements. The stock is on track for its second straight day of gains after dropping to a near 10month low last week. It was last up 5.8 at 173.13.

Reporting by Chibuike Oguh in New York

Source Reuters