Elon Musk, the CEO of Tesla Inc, said on Sunday that his company and his rocket company, SpaceX, are under substantial inflationary pressure in raw materials and logistics.
Elon Musk also asked about the prognosis for inflation rates in a tweet, noting that his companies “are not alone,” retweeting an article claiming that the Ukraine-Russia conflict had pushed commodity prices to their highest levels since 2008.
The price of metals used in automobiles has risen as a result of Russia’s invasion of Ukraine, from aluminum in bodywork to palladium in catalytic converters to high-grade nickel in electric vehicle batteries, and drivers are set to foot the tab.
While metals have so far escaped Western sanctions, some shippers and auto-parts suppliers are avoiding Russian goods, adding to the strain on automakers who are already dealing with a chip scarcity and rising energy costs.
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