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21 October 2022 | Other

Elon Musk suggests that the recession will last until 2024

Tesla Inc

This week, Elon Musk said that the recession taking place in China and Europe is negatively affecting demand for Tesla electric cars. When subscribers of one of his social networks asked how long he thought the recession period would last, Musk claimed he didn't expect it to end before spring 2024. Musk didn’t specify which region, China or Europe, he was referring to.

Back in June, Musk expressed his concerns about the economic situation, worrying that Tesla needed to cut 10% of its employees. However, Musk later clarified that it was about salaried workers.

As Tesla recently increased spending on new factories in Berlin and Austin, the company's gross margin wasn’t big enough to satisfy the automotive industry.

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