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Tesla Chief Executive Elon Musk said on Friday he thinks a recession will last until the spring of 2024, after earlier saying “a recession of sorts” in China and Europe was weighing on demand for its electric cars.
“Just guessing, but probably until spring of ’24,” Musk said on Twitter after a user asked him how long the recession would last. It was not clear if Musk was talking about a global recession or expanding on the comment on China and Europe he made on Wednesday.
Shares of Tesla Inc slid 6.6% to close at $207.28 on Thursday, a day after Musk told analysts on a conference call that the weakness in China and Europe was causing demand to be “a little harder than it otherwise would be.” At least six brokerages lowered their price targets on the stock, with Tesla bull Wedbush Securities making the biggest cut of $60 to bring its price target to $300.
