Elon Musk Says Tesla Could Lower Electric Vehicle Prices if Inflation Slows in Future

Tesla has raised prices a number of times in the past few months by a few thousand dollars as costs of raw materials used in cars and batteries surge.

Elon Musk Says Tesla Could Lower Electric Vehicle Prices if Inflation Slows in Future

Musk, who has over 100 million followers on Twitter, was replying to a tweet on Friday

Highlights
  • Automakers struggle to source chips and other supplies
  • The US consumer prices jumped 9.1 percent in June
  • Musk said that the electric vehicle maker's total headcount will increase
Advertisement

Tesla Chief Executive Officer Elon Musk said on Friday the electric automaker could lower prices for cars if inflation calms down.

Musk, who has over 100 million followers on Twitter, was replying to a tweet on Friday that asked if the company had any plans to lower prices that it had raised to beat the pandemic and supply chain woes.

"If inflation calms down, we can lower prices for cars," Musk said in a tweet.

Tesla has raised car prices a number of times in the past few months by a few thousand dollars as costs of raw materials for aluminum to lithium used in cars and batteries surge, while automakers struggle to source chips and other supplies due to an industry-wide shortage.

Musk, the world's richest person, in recent weeks warned about the risk of a recession and said he had a "super bad feeling" about the economy.

The US consumer prices jumped 9.1 percent to a nearly 41-year high in June, as gasoline and food costs remained elevated. The surge spells tough times for companies that are now looking to cut costs and alter their hiring plans.

Last month, Musk said that the electric vehicle maker's total headcount will increase over the next 12 months, but the number of salaried staff should be little changed, backtracking from an email just two days ago saying that job cuts of 10 percent were needed.

"Total headcount will increase, but salaried should be fairly flat," Musk tweeted in a reply to an unverified Twitter account that made a "prediction" that Tesla's headcount would increase over the next 12 months.

Musk in an email to Tesla executives on Thursday, which was seen by Reuters on Friday, said he has a "super bad feeling" about the US economy and needed to cut jobs by about 10 percent.

© Thomson Reuters 2022


What should you know about MWC 2022? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
 
Affiliate links may be automatically generated - see our ethics statement for details.
Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: Elon Musk, Tesla, supply chain, chip
Airtel Announces Successful Trial of 5G Private Network at BOSCH Facility
Is Netflix Down? Users Report Outage Issue Across Globe, Including India
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News
 
 

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »