A 2018 Tesla Model 3 electric vehicle is shown in this photo illustration taken in Cardiff, California, U.S., June 1, 2018. Picture taken June 1, 2018. REUTERS/Mike Blake

(Reuters) - 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.