The start of 2024 has been chaotic to say the least for Tesla, writes Bloomberg. The stock has fallen 40 percent in the wake of declining sales and reduced prices. The dominance in China is threatened by new domestic players. A meeting with Indian Prime Minister Narendra Modi was canceled at the last minute. Cuts have been announced and a total of over 20,000 employees may leave the company, according to sources. In addition, Tesla is said to have made a strategic shift by investing in self-driving technology at the expense of developing a $25,000 electric car.
In the meantime, Elon Musk has struggled to get through his controversial compensation package worth the equivalent of 487 billion kroner.
Bloomberg analyst Steve Man believes that investors - especially the institutional ones - have started to lose patience.
- The early hype around fully self-driving cars and "robotaxis" has subsided and the pendulum has swung in the opposite direction, he says.
........................................
Tesla also cuts prices in Europe - by 2,000 euros
After a slow start to the year in terms of sales, Tesla spent the weekend cutting prices in several key markets, Reuters and Bloomberg report. In Germany, the price of a Model 3 has been reduced by 2,000 euros to 40,990 euros.
Earlier during the weekend, the Nikkei, among others, reported on price reductions in China of a similar size.
.......................................
Tesla cuts prices on best-selling trio in the US
Tesla lowered the prices of the best sellers Model Y, Model X and Model S by the equivalent of nearly 22,000 kroner in the US on Friday evening. This after the company's stock swelled due to worse than expected sales in the first quarter, writes Bloomberg.
The electric car manufacturer recently reported its first drop in sales on an annual basis since the beginning of the pandemic. The company sold 386,810 vehicles in the first quarter, well below analysts' estimates of 449,080 vehicles.
The stock has had a tough start to the year with a loss of approximately 41 percent since the turn of the year.
Inga kommentarer:
Skicka en kommentar