Today: 7 October 2025
15 March 2022
1 min read

Tesla faces inflationary pressures

Reports said that the rising raw materials costs have hampered Musk and other automakers’ plans to introduce more affordable electric vehicles (EVs)…reports Asian Lite News

Tech billionaire Elon Musk has said that his electric car manufacturing firm Tesla and rocket company SpaceX are facing significant inflationary pressures in raw materials as well as logistics.

“Tesla and SpaceX are seeing significant recent inflation pressure in raw materials and logistics,” Musk said in a tweet on Sunday.

He, however, said his companies “are not alone”, as the Ukraine-Russia conflict sent commodity prices to their highest levels since 2008.

Rising nickel prices, owing to the Russian invasion of Ukraine, have thrown a spanner in Musk and other automakers’ dream of introducing affordable electric cars soon.

Reports said that the rising raw materials costs have hampered Musk and other automakers’ plans to introduce more affordable electric vehicles (EVs).

Nickel has long been widely used in batteries, most commonly in nickel cadmium and in the longer-lasting nickel metal hydride rechargeable batteries, which came to the fore in the 1980s.

In its bid to catch up with Tesla, Ford Motor Company just announced to increase its EV investment to $50 billion till 2026, up from the previous $30 billion investment announcement by 2025.

US-based automaker Jeep, owned by Stellantis, has revealed the first images of its upcoming electric SUV and confirmed that it will launch in 2023.

As electric cars become the flavour of the season, Sony and Honda recently announced a strategic alliance to form a new company that aims to create the next era of mobility and mobility services.

ALSO READ-Sanctions on Russia may throw up economic opportunities for Indian space sector

Previous Story

Aakanksha is on a ‘slow and steady’ race in the industry

Next Story

‘Putin’s forces near their culmination point’

Latest from Business

Rupee, Markets Gain Amid Trade Optimism

Emerging market currencies, including the rupee, have gained support amid softening in the dollar. Reports suggesting that the US economy is on the verge of a recession have contributed to the greenback’s

Gold Shines Bright Amid Global Jitters

Gold and silver continued their bullish run on Monday, scaling new highs amid mounting global uncertainties, heightened geopolitical tensions, and growing expectations of a US Federal Reserve rate cut. According to the

ADNOC signs 15-year LNG deal with Indian Oil

Under the deal, LNG cargoes can be delivered to any port across India, enhancing the country’s energy security and meeting its rising energy demand. Abu Dhabi National Oil Company (ADNOC) has signed

India Inc Eyes Upswing

Private equity (PE) remained comparatively stable in Q2, clocking 357 deals worth $7.4 billion — the second-highest volume since Q4 2022. However, deal values dipped on a quarter-on-quarter basis due to the
Go toTop

Don't Miss

Blinken, Saudi counterpart discuss Mideast tensions

Both sides highlighted the significance of reducing escalation and reaching

‘India tried to help out in Russia-Ukraine conflict’

Jaishankar also said that India has supported others who are