Tesla shares jump about 7% after raising Model Y prices in America and Europe

Tesla shares jumped about 7% on Monday after the automaker announced price increases for its Model Y electric car in some European countries and the United States.

According to Reuters, Tesla announced in a statement on Saturday that the price of its Model Y car would increase by about 2,000 euros ($2,177) in some European countries, starting March 22. On Friday, it announced an increase in the price of its Model Y car in the United States by $1,000, effective April 1.

After the two announcements, Tesla shares jumped to $174.72, or about 7%, on Monday, which is its largest daily percentage gain in more than a month after declining for two weeks.

The stock is now heading towards achieving gains for the second day in a row after falling to its lowest level in 10 months last week. It rose in recent transactions by 6.3% to $173.92.