Interest rates are too high and need to fall. While rumors are circulating about a possible closure of A mix that is also driving Tesla to be cautious, with the billionaire trying to temper expectations. Facing an unpredictable economic climate, Musk is holding off on building the electric car giant’s new plant in Mexico, which remains on schedule even as Tesla isn’t ready to go “full speed” on construction just yet. What worries the billionaire is the impact of high interest rates on consumers: “If they remain high or continue to rise, it will be more difficult for people to buy cars.” The high cost of money and the uncertainty due to the war – he adds – affect consumer confidence and their purchasing power. Therefore, Tesla needs to tread carefully after a disappointing third quarter. In fact, profits fell 44% while sales rose 9%. Results that are affected by the repeated discounts decided by Musk, but also by the increasingly fierce competition, causing Tesla shares to fall on Wall Street, where they eventually lose up to 7.5%. “When the macroeconomic outlook is stormy, even the best ships will face difficult times,” emphasizes Musk, comparing Tesla to a ship. “I apologize if I’m more paranoid than I should be. Maybe it’s because I’ve been suffering from post-traumatic stress disorder since 2009. And 2017 to 2019 wasn’t a party either. As you know, the auto industry is somewhat cyclical went.” The fears about the economy are accompanied by the hypothesis put forward by Business Insider that Musk may decide to remove X from Europe in response to the digital services law passed in the Old Continent. According to the same rumors, the billionaire discussed the possibility of removing the app from Europe or blocking access to users in the European Union. However, Musk flatly denies this. “Another completely false ‘article’ from Business Insider. It is not a publication,” he replies to a follower who asked him for clarification. In recent days, in line with new rules intended to hold major platforms responsible for illegal messages and videos that appear on their networks, the EU has launched an investigation into Musk’s social network due to the wave of misinformation and terrorist, violent and terrorist content initiated hate speech that appeared on the platform after the Hamas attack in Israel. The EU also warned Meta and TikTok about online disinformation and the fight against “deep fakes” about the conflict in Israel and demanded answers.
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