© Reuters. Tesla (TSLA) Warns of ‘Very Tough Quarter’ in Internal Memo
By Michael Elkins
According to emails sent by Tesla (NASDAQ:) CEO Elon Musk, obtained by Electrek over the weekend, the top electric vehicle maker has had a “very tough quarter” as it struggles with supply-chain snags.
“This has been a very tough quarter, primarily due to supply chain and production challenges in China,” Musk said in an email to employees over the weekend. “So we need to rally hard to recover!”
Earlier this month, it was reported that Musk had admitted to a “super bad feeling” about the state of the US and global economy. He reportedly told executives to “pause all hiring worldwide”.
It’s not the only controversial internal memo the CEO has sent in the last few days.
Musk also told staff to return to the workplace or leave and added to growing concerns about the risks of a recession. Earlier in June, Musk tweeted that he believed it would be beneficial for the US economy to go into a recession and that “some bankruptcies need to happen”.
Tesla has shed almost half its value since its November 2021 peak.
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