The United States Federal Reserve chairman, Jerome Powell, has increased interested rates rapidly, by 18 times over the last 9 months, which could cause adverse effects, already being witnessed in the automotive loan industry. Elon Musk has called for a rate cut, signaling that the current trend could amplify an upcoming recession, as he sees deflation occurring, looking at his data from Tesla. Automotive lenders are creating a financial crisis setup, which could cause automakers such as Ford, General Motors, Toyota, and Volkswagen, who have massive financial arms and act as banks, to crumble under a scenario where vehicle repossessions occur. This is similar to the 2008 financial crisis. However Tesla may be well positioned to weather the upcoming storm as it has almost no debt, and none related to auto financing.
#tesla #elonmusk #autofinancing
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