Tesla CEO Elon Musk said that the electric automaker’s factories are now “gigantic money furnaces” thanks to persistent supply chain issues.

Logistics bottlenecks have plagued American businesses since COVID-19 and the lockdown-induced economic issues, especially due to key Asian manufacturing economies shuttering production.

“Just been trying to keep the factories operating the last couple years has been a very difficult thing, like supply chain interruptions have been severe, like extremely severe,” Musk said in a Tesla Owners Silicon Valley interview published Wednesday, per CNBC. “The past two years have been an absolute nightmare of supply chain disruptions, one thing after another, and we are not out of it yet.”

In one recent National Association of Manufacturers survey, almost 60% of business leaders said that inflationary pressures “make a recession more likely in the next 12 months,” while more than 90% pointed to higher raw material costs as one of their “primary business challenges” in the second quarter of 2022. The Producer Price Index (PPI) rose 10.8% from May 2021 to May 2022, according to a report released earlier this month by the U.S. Bureau of Labor Statistics.

Indeed, Musk said that the shortages are causing Tesla’s facilities around the world to hemorrhage cash.