Elon Musk predicts a year of 'stormy weather' for the US economy - and warns Tesla faces a raft of headwinds
Elon Musk expects the US economy to struggle for the next year — and a toxic cocktail of higher interest rates, rising unemployment fears, and banks pulling back on lending to dent demand for"Stormy weather for about 12 months and then, provided there are no major geopolitical wildcards that show up, things start getting sunny around spring next year," Musk said on Tesla's first-quarter earnings call on Wednesday, according to a transcript provided by AlphaSense/Sentieo.
The central bank's hikes are making Tesla vehicles less affordable, and thus reducing demand for them, Musk said on the call. That's been a key driver of Tesla's recent price cuts, which"Every time the Fed raises the interest rates, that's equivalent to increasing the price of a car," Musk said.
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