Elon Musk weighs in on Tesla inflation

video

FOX Business Flash top headlines for July 29

Check out what’s clicking on FoxBusiness.com.

Elon Musk says that based on what he is seeing as CEO of Tesla, the soaring inflation wreaking havoc on consumers and companies appears to be taming.

The world's richest person took to Twitter this week to declare that "inflation might be trending down," saying that "more Tesla commodity prices are trending down than up [for what it's worth]."

Musk's cautious optimism that prices could be stabilizing comes a week after Tesla's latest earnings call, during which he was asked about the prospect of the electric vehicle giant cutting the price tag on its models following a previous tweet where he said that "if inflation comes down, we can lower prices for cars."

WSJ STANDS BY REPORT OF ELON MUSK AFFAIR WITH GOOGLE CO-FOUNDER'S WIFE: ‘CONFIDENT IN OUR SOURCING’

Tesla CEO Elon Musk (REUTERS/Aly Song/File Photo / Reuters Photos)

TickerSecurityLastChangeChange %
TSLATESLA INC.891.45+48.75+5.78%

"When or if we see indications that the inflation rate is declining, then we would not need to increase our car prices," Musk said during the call. "It’s possible that there could be a slight decrease in car prices, but this is fundamentally dependent on macroeconomic inflation — it’s not something we control."

TESLA BEING INVESTIGATED BY FEDERAL AGENCY FOR ALLEGED WORKPLACE DISCRIMINATION

German Chancellor Olaf Scholz, left, talks to Tesla CEO Elon Musk at the opening of the Tesla factory Berlin Brandenburg in Gruenheide, Germany, on March 22, 2022.  ((Patrick Pleul/Pool via AP) / AP Newsroom)

"If I were to guess —  and I would take this with a grain of salt — I think inflation will decline towards the end of this year," he continued. "We are certainly seeing prices of commodities trending lower."

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Musk added, "Making economic prognostication is fraught with error."

Source: Read Full Article