EV Battery Giant CATL's Profit Dives Over 20% in Q1, Hit By "Huge" Material Inflation

last month raised the prices of vehicles sold in China three times in a week. Tesla CEO Elon Musk highlighted his serious concern over "significant recent inflation pressure in raw materials and logistics" in a tweet that month. “I think the official numbers actually understate the true magnitude of inflation. And inflation appears to be likely to continue for at least the remainder of this year,” Musk underscored the concern again at last week’s first quarter earnings call. He also noted some unnamed part suppliers are requesting 20% to 30% cost increases from 2021 to 2022.

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