Musk says Tesla may decrease automobile costs if inflation slows

The Tesla emblem is seen on a automobile at Tesla Motors’ new showroom in Manhattan’s Meatpacking District in New York Metropolis, U.S., December 14, 2017. REUTERS/Brendan McDermid/

July 15 (Reuters) – Tesla Inc Chief Govt Officer Elon Musk mentioned on Friday the electrical automaker may decrease costs for automobiles if inflation calms down.

Musk, who has over 100 million followers on Twitter, was replying to a tweet on Friday that requested if the corporate had any plans to decrease costs that it had raised to beat the pandemic and provide chain woes. (https://bit.ly/3o6pxsJ)

“If inflation calms down, we are able to decrease costs for automobiles,” Musk mentioned in a tweet.

Tesla has raised automobile costs various occasions prior to now few months by a number of thousand {dollars} as prices of uncooked supplies for aluminum to lithium utilized in automobiles and batteries surge, whereas automakers wrestle to supply chips and different provides as a result of an industry-wide scarcity.

Musk, the world’s richest particular person, in latest weeks warned in regards to the danger of a recession and mentioned he had a “tremendous unhealthy feeling” in regards to the financial system.

U.S. shopper costs jumped 9.1% to an almost 41-year excessive in June, as gasoline and meals prices remained elevated. The surge spells robust occasions for firms that at the moment are trying to lower prices and alter their hiring plans.

Reporting by Nivedita Balu in Bengaluru; Enhancing by Shinjini Ganguli

Our Requirements: The Thomson Reuters Belief Ideas.