March 15, 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

‘Jugaadistan’: Decent capturing of the ethos and ethics of students

Next Story

‘Putin’s forces near their culmination point’

Latest from Business

EVs Drive Cleaner Cities

Each EV is equipped with GPS tracking for real-time monitoring and efficiently serves the city’s 159.46 square kilometre area The use of electric vehicles (EVs) in household waste collection is ushering in

Residential Market Sees Revival

Sales jump 77% from FY19 to FY25 as luxury housing, office leasing, logistics, and tech-led investments drive real estate recovery. India’s residential real estate market has witnessed a dramatic revival in the

Recovery From Realty Stress Rises

Crisil expects residential demand in these markets to grow by 7–9 per cent in FY26, offering critical support to projects now being revived through restructuring Asset Reconstruction Companies (ARCs) are expected to

Qatar Debut For Tata

Tata Motors emphasised that its international offerings are backed by strong research and development capabilities, with vehicles that are thoroughly tested and adapted to local conditions Tata Motors has unveiled its all-new
Go toTop

Don't Miss

US affirms Indo-Pacific cooperation with India

The US State Department said Washington will look forward to

China lashes out at Blinken’s meeting with Tibetan monk

US top diplomat met on Wednesday Geshe Dorji Damdul, current