The electric car has become so popular that it could cost 3 million auto industry jobs in the next three to five years, according to a prominent analyst.
Morgan Stanley’s Adam Jonas said in a research note Friday that the auto industry is going to see serious, widespread changes to its labor force. Jonas said electric vehicle production will lead to heavy workforce cuts as companies like Elon Musk’s Tesla push big automakers to make them part of the mainstream.
“As auto companies shift production towards electric vehicles, we expect increased pressure on a 100-year-old auto ecosystem supporting millions of jobs globally…representing a risk to labor relations, earnings and the balance sheet,” he said.
Jonas earned a wide following on Wall Street for his