:Tesla Inc Chief Executive Officer Elon Musk said on Sunday the U.S. electric carmaker and his rocket company SpaceX are facing significant inflationary pressure in raw materials and logistics.
Russia's invasion of Ukraine has been ramping up the prices of metals used in cars, from aluminum in the bodywork to palladium in catalytic converters to the high-grade nickel in electric vehicle batteries, and drivers are likely to foot the bill. While metals have not been the target of Western sanctions as yet, some shippers and auto-parts suppliers are steering clear of Russian goods, putting more pressure on carmakers already reeling from a chip shortage and higher energy prices.
Tesla's shares, which closed 5per cent lower at $795.35 on Friday, have lost about 25per cent year-to-date.
Source: News Formal (newsformal.com)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Musk says Tesla, SpaceX facing significant inflation risks:Tesla Inc Chief Executive Officer Elon Musk said on Sunday the U.S. electric carmaker and his rocket company SpaceX are facing significant inflationary pressures in raw materials and logistics.Musk in a tweet also asked about inflation rate outlook and said his companies 'are not alone', retweeting an articl Aren't we all. This is because he decides to take a side in the war. Business and politics just don't mix. I pray for both sides to end this conflict as soon as possible. Peace all.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Musk says Tesla, SpaceX facing significant inflation pressureTesla Chief Executive Officer Elon Musk said on Sunday the electric carmaker and the rocket company SpaceX are facing significant inflation pressure in raw materials and logistics. (Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Rashmi Aich)
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Entrepreneur Elon Musk and musician Grimes secretly welcome second childWASHINGTON (AFP) - Billionaire entrepreneur Elon Musk and the musician Grimes have had a second child, a girl they named Exa Dark Siderael Musk - although the parents will mostly call her Y. The 33-year-old Grimes revealed the existence of the child, who was born in...
Source: thenewpaper - 🏆 7. / 63 Read more »
Musk's plan for Tesla-built batteries has an acceleration challengeElon Musk wants to make cheaper batteries - fast. But the Tesla Inc chief executive is unlikely to hit ambitious targets for Tesla to mass-produce its own new batteries this year, industry insiders and analysts say. 'He is changing the way how battery manufacturing is done,' said Shirley Meng, a University of Chicago professor who previously worked with Maxwell, a battery technology company acquired by Tesla.
Source: YahooSG - 🏆 3. / 71 Read more »
Musk says Tesla, SpaceX facing significant inflation risks:Tesla Inc Chief Executive Officer Elon Musk said on Sunday the U.S. electric carmaker and his rocket company SpaceX are facing significant inflationary pressures in raw materials and logistics.Musk in a tweet also asked about inflation rate outlook and said his companies 'are not alone', retweeting an articl Aren't we all. This is because he decides to take a side in the war. Business and politics just don't mix. I pray for both sides to end this conflict as soon as possible. Peace all.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Musk says Tesla, SpaceX facing significant inflation pressureTesla Chief Executive Officer Elon Musk said on Sunday the electric carmaker and the rocket company SpaceX are facing significant inflation pressure in raw materials and logistics. (Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Rashmi Aich)
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »