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Tesla's most affordable car is only getting more expensive, while other electric vehicles sold as long as it have dropped in price, CNN Business reports.

Tesla's cheapest Model 3 now sells for $46,990 following a price hike this month, making the entry-level Model 3 34% more expensive than it was three years ago. Additional fees, some of which are industry standards, raise the total price of a basic Model 3 to $48,440.

The Model 3 was touted long before it was introduced in 2016 as an affordable car that would cost about $35,000. The manufacturer's suggested retail price for the most affordable option for electric cars such as the Chevrolet Bolt and Nissan Leaf have dropped from 2019 to 2022, even before accounting for inflation. (The Bolt fell from $36,620 to $32,495 during that period, and the Leaf from $29,990 to $27,400.)

Tesla CEO Elon Musk said on Twitter Sunday, shortly before the latest price hikes, that Tesla was "seeing significant recent inflation pressure in raw materials and logistics."

Tesla hasn't appeared to have suffered from its price hikes over the years, as the Model 3 was the world's best-selling electric vehicle in 2021, with about 540,000 units sold. Since introducing the Model 3, Tesla became the world's most valuable automaker, only years after facing questions of whether it would survive as a business.

But the price difference for what is considered to be the entry-level Model 3 appears to be a deviation from Tesla's original plans. (Tesla did not respond to a request for comment.)