Tesla steps up job ads as recession clouds gather
While Elon Musk may be worried about the economy, job openings on Tesla (NASDAQ:TSLA)’s website suggest the world’s most valuable car maker is hiring employees at a quick pace, in nearly every category of job.
Tesla this week listed over 6,900 jobs on its career website, almost a 50% surge since mid-June, when Reuters began tracking the data. That compares to a 2022 peak of over 7,400 job ads in May, according to data similarly tracked by Thinknum Alternative Data and hedge fund Snow Bull Capital.
Chief Executive Musk warned colleagues in early June he had a “super bad” feeling about the economy and said the electric car maker needed to cut jobs. He later tweeted that total headcount would increase over the next 12 months.
Jobs listed on Tesla’s website showed a steep drop in June and July.
Since July, job openings for Engineering & Information Technology, Vehicle Service and Manufacturing led that revival, accounting for the vast majority of listings across 17 categories. Vehicle Service has jumped by over 40% since late June to over 1,600 this week.
TESLA Technical Analysis: Daily Chart
In the daily charts, TESLA is trading in down channel. TESLA is currently trading below all SMA.
RSI is in over sold zone which indicates mild bullishness. MACD is currently below zero which indicates bearishness.
Its immediate support is 204.04 & the resistance level is at 205.43.
TESLA will trade in down channel until there is trend reversal.
How to Trade TESLA this Week:
TESLA will follow the down channel until there is trend reversal. So, remain bearish on TESLA.