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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.
