Elon Musk, chief executive of Tesla and SpaceX, said on Sunday that his two companies face huge inflationary pressures on raw materials and logistics.
Musk also tweeted about the outlook for inflation and said his company was “not alone” in facing inflationary pressures, retweeting an article saying the Russia-Ukraine conflict pushed commodity prices to 2008 highest level.
Tesla & SpaceX are seeing significant recent inflation pressure in raw materials & logistics
— Elon Musk (@elonmusk) March 14, 2022
The Russian-Ukrainian conflict is pushing up the price of automotive metals, from aluminum in car bodies to palladium in catalytic converters to high-grade nickel in electric vehicle batteries, for which owners are likely to pay.