Tesla Inc TSLA CEO Elon Musk has said that the U.S. recession is inevitable and will last for the next year and a half.
Speaking at the electric-vehicle maker’s annual shareholder meeting last week, Musk said that inflation would “drop rapidly” soon and the U.S. is past peak inflation.
“We will have a recession; I think it will be a relatively mild recession. I would guess it is a mild recession for 18 months or something like that. That would be my best guess right now,” he said.
During the meeting, Musk said that Tesla’s commodity and component costs are trending downward over the next six months.
Talking about Tesla’s need to buy more raw materials often months in advance, Musk said, “We sort of have some insight into where prices are headed over time.”
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