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Elon Musk tweets that Tesla could cut car prices if inflation slows

Tesla Inc.’s CEO Elon Musk said on Friday the electric carmaker could lower car prices if inflation subsides.

Musk, who has more than 100 million followers on Twitter, responded to a tweet on Friday asking if the company had any plans to lower the prices it raised to beat the pandemic and supply chain disaster. or not.

“If inflation calms down, we can lower car prices,” Musk said in a tweet.

Tesla has increased car price several times over the past few months there have been several thousand dollar increases in the cost of raw materials for aluminum to lithium used in cars and the battery skyrocketed, while automakers struggled to source chips and other supplies due to industry-wide shortages.

Musk, the world’s richest man, has in recent weeks warned of a recession and said he has a “super bad feeling” about the economy.

U.S. consumer prices rose 9.1% to a near 41-year high in June as gasoline and food costs remained elevated. This increase prolongs a difficult time for companies currently looking to cut costs and change their hiring plans.

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