Musk’s warning could be auto industry’s ‘canary in the coal mine’ moment

Published by
Reuters

By Ben Klayman and Joseph White (Reuters) – Tesla CEO Elon Musk’s “super bad feeling” about the economy could be the auto industry’s “canary in the coal mine” moment, signaling a recession for an industry whose bosses have shown no signs of concern. Musk said the electric carmaker needed to cut about 10% of its workforce in an email to executives seen by Reuters. He later told staff that white-collar ranks were bloated and he would keep hiring workers to make cars and batteries. Musk’s warning is the first loud and public dissent in a united stance by the auto industry that underlying demand f…

Read More

Leave a Reply