Elon Musk, the CEO of Tesla Inc., suggested on Friday that if inflation slows down, the electric car manufacturer may drop automobile pricing.
On Friday, a post asking if the firm had any intentions to drop the prices it had hiked to combat the pandemic and supply chain issues received a response from Musk, who has more than 100 million followers on Twitter.
Musk tweeted, “If inflation settles down, we can cut car costs.”
Tesla has increased car pricing by a few thousand dollars several times in recent months as the cost of raw materials like lithium and aluminum used in cars and batteries soars and automakers struggle to find chips and other components owing to a widespread scarcity.
The richest man in the world, Musk, has recently expressed concern about the possibility of a recession and had a “very awful feeling” about the state of the economy.
As gasoline and food prices continued to rise, consumer prices in the US increased by 9.1% in June, reaching a level not seen in nearly 41 years. For businesses that are currently attempting to cut costs and modify their recruiting plans, the spike portends difficult times.
