Elon Musk’s Tesla To Lower Its Car Prices If Inflation “Calms Down”

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Tesla CEO Elon Musk said in a tweet Friday that the electric car manufacturer could decrease prices if inflation “calms down.”

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

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

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Musk tweeted in March that Tesla and his other firm 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 lay off 10% of employees at Tesla, according to an email initially reported by Reuters.