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21 October 2022 | Other

Tesla shares fall amid fears Ilon Musk about declining demand

Tesla Inc

Shares of Tesla Inc have fallen after CEO Elon Musk said it's becoming a little harder for the electric carmaker to attract customers at a time of economic downturn around the world.

Musk said China and Europe are experiencing something akin to a recession, making it a little harder for the company compared to what it would have been under other circumstances.

Musk said he had a "super bad feeling" about the economy and that Tesla would need to cut about 10% of its workforce at its electric car manufacturing facility. He later added that the cuts would only affect full-time employees.

JP Morgan said in its report that the findings are likely to exacerbate the debate about falling demand that arose after third-quarter deliveries were -5% below the company's consensus forecasts.

Company MarketCheese

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