Musk Says China Is in ‘Recession of Sorts’ Due to Property
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China is experiencing a downturn similar to a recession driven by the housing market slump that has lasted for over a year, according to Tesla Inc.’s founder Elon Musk.
“China is experiencing a recession of sorts” mostly in the property market, said Musk, the electric carmaker’s chief executive officer, during a third-quarter earnings call Wednesday US time. He was responding to a question about recent order intake trends, particularly in China, where Tesla has a major factory.