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Musk says Tesla and SpaceX are involved in “significant” inflation pressure

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March 14 (Reuters) – Tesla Inc Chief Executive Elon Musk said the U.S. electric vehicle maker and its rocket company SpaceX is facing significant inflationary pressure in raw materials and logistics.

In a Sunday tweet, Musk also asked about the outlook for inflation rates and said his companies “are not alone,” retweeting an article that said the Ukraine-Russia conflict had sent commodity prices to their lowest levels. Heights of 2008.

The Russian invasion of Ukraine has caused a rise in the prices of metals used in cars – from aluminum in bodywork to palladium in catalytic converters to high-quality nickel in vehicle batteries. electrics – and customers are likely to foot the bill.

Tesla and SpaceX were unavailable for additional comment.

Rising commodity prices have raised concerns about the electric vehicle market as traditional firms and start-ups prepare to launch new ones this year after overcoming problems related to chip shortages.

In addition, geopolitical issues stemming from the invasion of Ukraine have affected factory operations in the United States and are making it difficult for raw material suppliers to list.

“Just when an easing of semiconductor shortages was expected … the invasion has led to further disruptions in the supply of essential materials and a worrying rise in prices,” said Susannah Streeter, an analyst at Hargreaves Lansdown.

Wells Fargo analysts said prices for nickel, a key material used in batteries, are up 130%, while those for cobalt, lithium and aluminum have soared between 16% and 88% this year.

(Reporting by Akash Sriram and Jaiveer Singh Shekhawat in Bengaluru; edited in Spanish by Carlos Serrano)

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