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Tesla, SpaceX Facing Significant Inflation Pressure: Elon Musk

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Tesla Inc Chief Executive Officer Elon Musk said on Sunday the U.S. electric carmaker and his rocket company SpaceX are facing significant inflationary pressure in raw materials and logistics. 

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Musk in a tweet also asked about inflation rate outlook .

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and said his companies "are not alone", retweeting an article saying the Ukraine-Russia conflict sent commodity prices to their highest levels since 2008 

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Russia's invasion of Ukraine has been ramping up the prices of metals used in cars, from aluminum in the bodywork to palladium in catalytic converters to the high-grade nickel in electric vehicle batteries, 

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Tesla's shares, which closed 5% lower at $795.35 on Friday, have lost about 25% year-to-date. 

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Japan's Toyota Motor Corp said it would scale back domestic production by up to 20% for April-June to ease the strain on suppliers struggling with shortages of chips and other parts.

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