Tesla Inc 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.

Reuters (Reporting by Munsif Vengattil in Bengaluru; Editing by Sriraj Kalluvila)