Musk said he doesn’t understand the situation going on in the global economy

Ilon Musk admitted that he does not understand the situation in the global economy due to constant changes. Amid such turbulence, Tesla may reduce prices for electric cars, he admitted.

“One day it seems to me that the world economy is falling apart, and the next day everything is fine. I don’t know what the hell is going on. I wish I knew,” Musk said in a conference call following the release of the company’s Q2 financial results.

Musk characterized the situation as “turbulent times” and hinted that Tesla may cut prices on electric cars. When interest rates rise sharply, we essentially have to lower the cost of cars. Recently there was the sharpest rise in interest rates in history, so we had to do something about it.

Previously, Ilon Musk has made economic predictions on more than one occasion. For example, in October 2022, he said that the recession in the United States could last until spring 2024.

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