Economy

 

Elon Musk at Tesla's factory in Texas. Gyula Bartos / AP 

 

Tesla's future  

Musk: The giants against bankruptcy if the wage demands go through 

 

The union United Auto Workers' wage demands would mean a "fast track to bankruptcy" for GM, Ford and Chrysler. That's what Tesla CEO Elon Musk says, according to Bloomberg.  

 

The move comes after the historic strike in the United States where the UAW is demanding wage increases of 36 percent.  

 

Musk is supported by Patrick Kaser, who is a managing director at Brandywine Global.  

 

- If the UAW gets everything they ask for, it will significantly damage the competitiveness of the big three companies, he says.  

 

President Joe Biden, on the other hand, supported the wage demands when he visited a GM factory in Detroit on Tuesday.  

 

   

 

The development of the Swedish krona  

The Swedish krona is greatly strengthened: "Congratulations Riksbanken!"  

 

The krone's upward rebound continues in the wake of the Riksbank's announcement about currency hedging last week. On Wednesday morning, the euro rate is 11.59, compared to the historic low of 12 kroner barely two weeks ago. 

 

"The krona has held on to its newfound (relative) strength against the euro since the Riksbank's announcement about the currency reserve last Friday," writes SEB economist Elisabet Kopelman in a morning letter.  

 

Her colleague Robert Bergqvist also notes the rise in a post on the platform X. 

 

"Congratulations Riksbanken!", he writes.  

 

Bergqvist has previously written that the Riksbank's decision to shift 8 billion dollars and 2 billion euros to Swedish kronor "reeks of currency intervention".