Tesla CEO Elon Musk's "super bad feeling" about the economy could be the auto industry's "canary in the coal mine" moment, signaling a recession for an industry whose bosses have shown no signs of concern.
Musk said the electric carmaker needed to cut about 10% of its workforce in an email to executives. He later told staff that white-collar ranks were bloated and he would keep hiring workers to make cars and batteries.
Musk's warning is the first loud and public dissent in a united stance by the auto industry that underlying demand for cars and trucks remains strong despite two years of global pandemic. One executive this week called demand "sky high."