Musk says Tesla can lower car prices if inflation ‘calms down’

News

In this article

Brand new Tesla cars sit in a parking lot at a Tesla showroom on June 27, 2022 in Corte Madera, California. 
Justin Sullivan | Getty Images News | Getty Images

Tesla CEO Elon Musk said in a tweet Friday that the electric car company could lower prices if inflation “calms down.”

The Bureau of Labor Statistics reported a higher-than-expected inflation rate this week with the consumer price index rising 9.1% from a year ago.

Tesa increased the prices of all of its car models in the U.S. and China in March. Tesla again hiked prices across its models as recently as June when it increase the cost of its Model Y long-range from $62,990 to $65,990.

Musk tweeted in March that Tesla and his other company SpaceX were both “seeing significant recent inflation pressure in raw materials & logistics.”

Musk said in June ahead of the second price hike that he had a “super bad feeling” about the economy and would need to cut 10% of jobs at Tesla, according to an email originally reported by Reuters.

Subscribe to CNBC on YouTube.

WATCH: The EV industry is facing a nickel shortage as prices soar during Russia’s war in Ukraine

Products You May Like

Articles You May Like

Self-driving Lincoln Model L100 concept meant to inspire future products
Usain Bolt’s e-bike company ghosts 8 cities
Preview: 2023 Dodge Hornet brings Charger, Challenger influences to small crossover segment
U.S. court upholds FCC reallocation of auto safety spectrum
Rivals take on Tesla with Plug & Charge system for EVs

Leave a Reply

Your email address will not be published.