Tesla CEO Elon Musk intends to cut about 10% of jobs at the company because he has a “super bad feeling” about the economy, he said in an email on Thursday. email to leaders.
On Tuesday, Musk told staff to return to the workplace or leave the company, a request that has already been pushed back in Germany where the company has a new factory.
“Everyone at Tesla is required to spend at least 40 hours in the office per week,” Musk wrote in that email. “If you don’t show up, we’ll assume you quit.”
Inflation in the United States is reaching 40-year highs and has caused an increase in the cost of living for Americans. At the same time, the Federal Reserve faces the difficult task of dampening demand enough to dampen inflation without causing a recession.
In late May, when asked by a Twitter user if the economy was nearing a recession, Musk replied, “Yeah, but that’s actually a good thing. It’s been raining for too long. money on fools. Some bankruptcies have to happen.”
Musk’s stark warning of a potential recession and the ripple effect for automakers is the most direct and high-profile forecast of its kind in the industry.
As worries about recession risk have grown, demand for Tesla cars and other electric vehicles has remained strong, and many traditional indicators of a slowdown — including rising U.S. dealer inventories — aren’t holding up. are not materialized.
But Tesla has struggled to restart production at its Shanghai factory after COVID-19 shutdowns forced costly outages at the plant.
[ With inputs from agencies]
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