Shares of Tesla (NASDAQ: TSLA) were moving higher today after the leading electric vehicle (EV) maker surprised investors by announcing price hikes on its Model Y crossover vehicle over the weekend.

The price increase bucks the recent trend in the EV industry, as prices have fallen due to increasing competition and plateauing demand from car buyers.

As of 2:14 p.m. ET, Tesla stock was up 6.2% on the news.

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Source Fool.com