Musk says Tesla, SpaceX see inflation risks
STORY: Elon Musk warned on Sunday his businesses are facing significant risks from inflation.
The CEO of Tesla and SpaceX said they were feeling the pressure in raw materials and logistics.
In a tweet, Musk pointed to an article about how the Ukraine-Russia conflict had sent commodity prices to their highest levels since 2008.
That includes the price of metals used in cars - from aluminium to the high-grade nickel needed for EV batteries.
While these have not been the subject of Western sanctions as yet, some shippers and suppliers are steering clear of Russian goods.
This only adds to the problems of carmakers who are already reeling from a chip shortage and higher energy prices.
Tesla's shares, which closed 5% lower on Friday, have lost about 25% year-to-date.
Last week, the electric car maker raised the price of several of its vehicles, including its Model 3 Long Range sedans.
It's not just Tesla that's feeling the heat.
U.S. electric vehicle maker Rivian said last week it may have to cut production in half due to supply-chain issues.
And Toyota is scaling back domestic production between April and June.
