Tech

Musk says Tesla and SpaceX face significant inflationary risks

FILE PHOTO: SpaceX owner and Tesla CEO Elon Musk speaks during a chat with legendary game designer Todd Howard at the E3 game show in Los Angeles
FILE PHOTO: SpaceX owner and Tesla CEO Elon Musk speaks during a conversation with legendary game designer Todd Howard (not pictured) at the E3 game show in Los Angeles, California, U.S. June 13, 2019. REUTERS/Mike Blake

March 14, 2022

(Reuters) – Tesla Inc. CEO Elon Musk said on Sunday the US electric carmaker and its rocket company SpaceX are facing significant inflationary pressures in commodities and logistics.

Musk also tweeted about the outlook for the inflation rate, saying his companies were “not alone,” retweeting an article that said the conflict in Russia had pushed commodity prices to their highest levels since 2008.

Russia’s invasion of Ukraine is driving up prices for metals used in cars, from aluminum in bodywork to palladium in catalytic converters to high-quality nickel in electric vehicle batteries, and drivers are likely to foot the bill. While metals have not yet been the target of Western sanctions, some truckers and auto parts suppliers are avoiding Russian goods, putting more pressure on automakers already hit by chip shortages and higher energy prices.

(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Rashmi Aich and Sherry Jacob-Phillips)

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Emma Bowman

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