In Europe, China’s economic recession has reached its peak. Musk believes that the demand for vehicles manufactured by Tesla will decrease due to these reasons. Musk expressed his opinion that these recessionary conditions are likely to continue till 2024.
He declared that economic recession till 2024 was only his prediction. It is known that Musk has announced that demand for electric vehicles has decreased due to economic conditions in China and Europe. Responding to a question from a Twitter user on this announcement, he replied that the economic recession is likely to continue until 2024.
Full details on the forecast of economic recession are yet to be known. It remains to be seen whether China spoke about Europe or the world. These masked sentences affected his company’s shares. Tesla shares fell 6.6 percent to $207.28.
Musk has expressed his opinion about the economic situation several times in recent times. As early as July, Musk predicted this economic downturn and told the company’s shareholders that demand for its vehicles is likely to decrease.
In view of the economic conditions of the herd, their products were also slightly reduced. He said that there may be about ten percent job cuts in the company. Tesla’s shares have fallen as much as 9 percent so far this year amid the situation.