TSLA - Tesla Stock: Musk Says Recession Could Last Until 2024
Tesla Stock ( NASDAQ:TSLA )
Tesla Inc ( NASDAQ:TSLA ) Chief Executive Elon Musk thinks a recession will last until the spring of 2024, he tweeted on Friday, after saying earlier this week that “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.
Tesla stock ( NASDAQ:TSLA ) 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. Tesla’s third-quarter revenue on Wednesday missed analysts’ estimates.
While Musk told analysts that Tesla has “excellent demand” for the current quarter, the EV maker said it would miss its annual delivery target due to limited transportation capacity.
Earlier this month, Tesla said it delivered a record 343,830 EVs in the latest quarter. But not only did that miss analysts’ estimates of 359,162, it also fell short of Tesla’s production of 365,923, a rarity for the automaker whose deliveries have been higher or similar to production in many recent quarters.
Musk flip-flopped on demand during a July conference call, saying at first that macroeconomic uncertainty might have...
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