Tesla CEO Elon Musk’s “super bad feeling” about the economy could be the auto industry’s “canary in the coal mine” moment, signalling a recession for an industry whose bosses have shown no signs of concern.
“Tesla’s not your average canary in the coal mine. It’s more like a whale in the lithium mine,” Morgan Stanley analyst Adam Jonas said in a research note, referring to the metal used in EV batteries.“If the world’s largest EV company warns on jobs and the economy, investors should reconsider their forecasts on margins and top-line growth,” he added.
While Musk’s email sounds far more pessimistic than other manufacturing leaders, Sandbulte said he has learned not to dismiss the Tesla CEO because “he has zagged when other people are zigging and he’s been proven right”. Tesla’s employment has doubled since the end of 2019 according to the company’s annual reports, and Morgan Stanley’s Jonas noted Tesla’s revenue per employee of $US853,000 is not much higher than the much larger Ford’s $US757,000.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Come into the office every day or quit, Elon Musk tells staffIn leaked company wide emails Elon Musk tells staff, 'If you don't show up, we will assume you have resigned.' 9News Oh oh! Why is he wearing Portuguese clothes? good on him i heard theres no unions in the companys he owns Not everyone can make a living doing clickbait articles from a basement like journalists
Source: 9NewsAUS - 🏆 10. / 72 Read more »
Source: abcnews - 🏆 5. / 83 Read more »