Elon Musk Predicts 'Mild Recession' For 18 Months, Says U.S. Economy Is 'Past Peak Inflation'
CEO Elon Musk has said that the U.S. recession is inevitable and will last for the next year and a half.
Speaking at the electric-vehicle maker's annual shareholder meeting last week, Musk said that inflation would "drop rapidly" soon and the U.S. is past peak inflation. "We will have a recession; I think it will be a relatively mild recession. I would guess it is a mild recession for 18 months or something like that. That would be my best guess right now," he said.
During the meeting, Musk said that Tesla's commodity and component costs are trending downward over the next six months.
Talking about Tesla's need to buy more raw materials often months in advance, Musk said, "We sort of have some insight into where prices are headed over time."
Fed Minutes Show More Rate Hikes Coming, but Pace Could Slow
According to the minutes of their July 26-27 policy meeting
Tesla Brisk At Giga Shanghai, Musk Offloads More Shares
Notwithstanding the broader market rally, electric vehicle stocks closed the week ending Aug. 12 on a mixed note.
Drought Threatens 60% Of Eu And U.K. As Europe Faces "Critical Situation"
Drought conditions are affecting about 60% of the EU and the U.K., exacerbated by climate-change driven record heat across Europe this summer, according to new research from the European Drought Observatory.
