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Musk says Tesla can lower car prices if inflation ‘calms down’

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Brand new Tesla cars sit in a parking lot at a Tesla showroom on June 27, 2022 in Corte Madera, California.
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Tesla CEO Elon Musk said in a tweet Friday that the electric car company could lower prices if inflation “calms down.”

The Bureau of Labor Statistics reported a higher-than-expected inflation rate this week with the consumer price index rising 9.1% from a year ago.

Tesa increased the prices of all of its car models in the U.S. and China in March. Tesla again hiked prices across its models as recently as June when it increase the cost of its Model Y long-range from $62,990 to $65,990.

Musk tweeted in March that Tesla and his other company SpaceX were both “seeing significant recent inflation pressure in raw materials & logistics.”

Musk said in June ahead of the second price hike that he had a “super bad feeling” about the economy and would need to cut 10% of jobs at Tesla, according to an email originally reported by Reuters.

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