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IPFS News Link • Inflation

Elon Musk says he thinks inflation is worse than reported and likely to continue through 2022

• CNBC

Key Points

-"I think the official numbers actually understate the true magnitude of inflation. And inflation appears to be likely to continue for at least the remainder of this year," said the Tesla CEO on the company's Q1 2022 earnings call Tuesday.

-Musk noted some suppliers are requesting 20% to 30% cost increases for parts from 2021 to 2022, well above the 8.5% inflation rate reported by Labor Department data on Tuesday.

-But Musk said he doesn't think Tesla will raise car prices again soon. "Current prices are for a vehicle delivered in the future like six to 12 months from now so this is our best guess."

On Tesla's first-quarter earnings call Wednesday, CEO Elon Musk said he thinks that inflation is worse than reported and is likely to last all year in 2022.

U.S. inflation rose 8.5% annually in March to hit a 40-year high as Russia's brutal invasion of Ukraine pushed up energy costs, according to Labor Department data released Tuesday.

1 Comments in Response to

Comment by chris gill
Entered on:

I agree with Musk. 20% inflation rate sounds about right from what I see. the governments figures are way off so they don't have to admit how bad they are running things...