Elon Musk has said that the U.S. electric carmaker Tesla and his rocket company SpaceX are facing great pressure posed by a significant inflation in prices of raw materials and logistics.
In a tweet, Musk asked about inflation rate outlook. Musk said his companies “are not alone” while retweeting an article saying Russian conflict sent commodity prices to highest level since 2008.
Russia’s invasion of Ukraine is hiking the prices of metals used in cars.
While metals have not been the target of Western sanctions yet, some shippers and auto-parts suppliers are steering clear of Russian goods, putting more pressure on carmakers already reeling from a chip shortage and higher energy prices.
