Another big announcement in a row was made by Tesla CEO Elon Musk about a “super bad feeling” he is having regarding the company’s economy. He wants to cut 10% of the jobs at his company Tesla Inc. In an email Musk directed to “pause all hiring worldwide” at Tesla as he had a “super bad feeling” about the economy. Musk earlier this week asked Tesla employees to return to the office or leave the company.
Musk’s stark warning of a potential recession and the knock-on effect for automakers is the most direct and high-profile forecast of its kind in the industry. While concerns about the risk of a recession have grown, demand for Tesla cars and other electric vehicles has remained strong and many of the traditional indicators of a downturn – including increasing dealer inventories in the United States – have not materialized. But Tesla has struggled to restart production at its Shanghai factory after COVID-19 lockdowns forced costly outages at the plant.
Elon Musk’s gloomy outlook echoes recent comments from executives including JPMorgan Chase & Co CEO Jamie Dimon and Goldman Sachs President John Waldron. A “hurricane is right out there down the road coming our way,” Dimon said this week. Musk tweeted: “recessions serve a vital economic cleansing function” in response to a tweet by Farquhar who encouraged Tesla employees to look into its remote work positions.
Also Read: https://english.r9news.in/elon-musk-on-wfh-culture/
