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. 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 for cars and trucks remains strong despite two years of global pandemic. One executive this week called demand ¡°sky high.¡±
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