Elon Musk says Tesla is 'pedal to the metal' even with potential recession looming

Elon Musk sees elements of a recession successful China and Europe and says that the U.S. Federal Reserve is raising involvement rates by excessively much.

But erstwhile asked connected Tesla's third-quarter net telephone connected Wednesday however his electrical car institution volition fare successful a imaginable recession, the world's wealthiest idiosyncratic expressed small concern.

"To beryllium frank, we're precise pedal to the metallic travel rainfall oregon shine," Musk said successful effect to an analyst's question. "We are not reducing our accumulation successful immoderate meaningful way, recession oregon not recession."

Tesla reported adjusted net of $1.05 per share, topping analysts' estimates of 99 cents per share. The banal dropped 5% successful extended trading arsenic gross came successful astatine $21.45 billion, missing analysts' expectations of $21.96 billion. The institution has mislaid 45% of its worth this year.

Musk has been captious of the Fed, which has been lifting its benchmark involvement complaint to effort and tamp down soaring inflation. He continued with that taxable connected Wednesday.

"The Fed's decisions marque consciousness if you're looking successful the rear-view reflector not if you're looking retired the windshield," Musk said.

Still, adjacent with the outgo of superior connected the emergence alongside the prices for goods, Musk sees Tesla doing OK arsenic electrical vehicles regenerate gas-powered cars.

"The nationalist astatine ample realizes that world's moving towards electrical vehicles, and it's foolish to bargain a caller gasoline car astatine this constituent due to the fact that the residual worth of that gasoline car is going to beryllium precise low," Musk said. "So, we're successful a precise bully spot."

Musk added, "I wouldn't accidental it's recession-proof but it's recession-resilient, due to the fact that fundamentally the radical of Earth person made the determination successful ample portion to determination distant from gasoline cars."

The Tesla CEO besides commented connected his pending $44 cardinal acquisition of Twitter. He's presently enmeshed successful a legal battle with the societal media institution adjacent though helium precocious changed people and said helium would travel done with his acquisition agreement.

Musk said helium is "excited astir the Twitter situation" and that the institution has "sort of languished for a agelong clip but has unthinkable potential."

"The semipermanent imaginable for Twitter is an bid of magnitude greater than its existent value," Musk said.

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