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Musk thinks the U.S. government has overstated the recent inflationary pressures on the economy.

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  • Government figures understate the true magnitude of inflation according to Musk.

  • He spoke about cost pressures on the call.

  • Musk said it was difficult to achieve the goal of making its vehicles more affordable.

The US government has overstated the magnitude of inflation, according to Musk.

An official estimate shows that inflation soared to a 41-year high in the year through March.

Musk said on the earnings call that the official numbers understate the true magnitude of inflation.

He said that inflation appears to be likely to continue for at least the remainder of the year.

Musk was responding to an analyst question about a recent jump in prices, which went against the grain of the company's aim to cut prices and make its vehicles more affordable.

Inflation made it difficult, according to Musk.

He said that there was a lot of cost pressure on the suppliers.

In response to a question about hiking prices further, Musk said that he hopes it doesn't have to.

The current prices are for a vehicle delivered in the future, so this is our best guess.

Musk said long-term contracts with suppliers were helping to keep costs down. He knew that these contracts would end eventually and that could lead to significant price rises.

Wall Street had estimated revenue and earnings for the first quarter of 2022. The company's revenue was up 81% and its earnings per share more than doubled.

The original article is on Business Insider.

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