Elon Musk says Tesla and SpaceX are facing inflation pressure in raw materials and logistics
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Elon Musk has said that Tesla and SpaceX are facing inflation pressure in raw materials and logistics.The South Africa-born mogul asked about his followers' thoughts on inflation in a tweet, saying ''we are not alone.''The Russian invasion of Ukraine and Western sanctions, which include a US ban on Russian oil imports, are raising prices of energy and other key commodities like wheat, fertilisers, and metals to surge. Trading floors continue to be awash with uncertainty as Russia's war in Ukraine rages, with comments from Vladimir Putin that there were "positive developments" in talks with Kyiv unable to provide much support.SpaceX's Starlink satellite broadband service was activated in Ukraine last week after Kyiv digital minister Mykhailo Fedorov urged Musk to provide the embattled country with stations days after it was invaded by neighboring Russia. The service operates a constellation of more than 2,000 satellites that aim to provide internet access across the planet.Last week, electric vehicle maker Rivian Automotive Inc said supply-chain issues could cut its planned production in half, citing soaring raw material prices and supply chain constraints.