Elon has a bad feeling.. but probably not about the economy.
elon·@leguna·
0.000 HBDElon has a bad feeling.. but probably not about the economy.
 General Motors made 180 billion dollars in 2007. 149 billion in 2008. Down 17% 17 million cars were sold in 2007 in the US. 10 million were sold in 2008. Down 41% ***Elon Musk is announcing he plans a 10% layoff on staff, where his claim is a recession is coming and it could hurt Tesla.*** Looking at the history of the auto market, on surface, it’s possibly the least recession proof market around, where all US auto makers nearly went bankrupt in 2008 and two would have without a bailout. # For the idea of recession causing issues for Tesla though, it’s a little more complicated. Tesla during 2020/2021, which was an arguable recession grew at a faster pace over the years prior. Tesla made 24.6 billion in 2019. 31.5 billion in 2020. 53.8 billion in 2021. Which revenue did more than double from 2017 to 2019, going from 11.8 billion to 24.6, but doubling after that point was even more impressive. This would suggest Tesla has a demographic not as impacted by recessions, comparable with companies such as Apple & Louis Vuitton, which despite being higher end didn’t see sales decline during either the 2008 recession or 2020. # There’s also the truth not all car companies failed during 2008. Toyota made 233 billion in 2008. Up from 223 billion in 2007. Volkswagen made 114 billion in 2008. Up from 109 billion in 2007. These are car companies outside of the US, but that’s actually half of Tesla’s revenue, with 55% of revenue being international. ***This makes a real case that Tesla may not see a huge impact of a recession.*** *Which gets into the bigger problem.* - Ford - Volkswagen - Toyota - GM - Honda Every auto maker now is launching an electric car, with many having products in some form ahead of Tesla. Tesla had 3 million down payments for Cybertruck’s. They’ve so far failed to meet deadlines and likely will not be able to produce that many trucks for years. In that time, Ford now has the Ford Lightning, which is ready for a massive launch, while Tesla could still have years on their truck. This makes my feeling that Elon is preparing the company for Tesla getting competition and not a recession.
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