South Africa tour of India 2019
Tesla Pauses All Hiring And Needs To Cut Staff.
The world's richest man and CEO of Tesla, Elon Musk, has said that the company is going to reduce its staff strength by 10%. Tesla's CEO also had a super bad feeling about the world economy.
An internal email that was titled "pause all hiring worldwide" was sent to Tesla executives on Thursday.
"Everyone at Tesla is required to spend a minimum of 40 hours in the office per week," Musk wrote in another email sent to employees on Tuesday night. "If you don't show up, we will assume you have resigned."
Musk's stark warning of a potential recession and the knock-on effect for automakers is the most direct and high-profile forecast of its kind in the industry.
While concerns about the risk of a recession have grown, demand for Tesla cars and other electric vehicles has remained strong, and many of the traditional indicators of a downturn - including increasing dealer inventories in the US - have not materialized.
Inflation in the US is hovering at 40-year highs and has caused a jump in the cost of living for Americans, while the Federal Reserve faces the difficult task of dampening demand enough to curb inflation while not causing a recession.
Comments