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Stock market woes, protests and CEO Elon Musk: What's ailing EV giant Tesla?
Economic Times
·
5m ago
Medial
Tesla is experiencing significant challenges, with its stock price dropping 15%, global protests intensifying, and sales performance declining. CEO Elon Musk's focus on political responsibilities in the White House has raised concerns among investors about his divided attention. Tesla's market value has dropped by $130 billion, and UBS Group has lowered its vehicle sales forecasts. Musk's support for right-wing movements has sparked protests, causing further alienation and sales declines in key markets like Europe and China.
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Elon Musk tells Tesla staff future is ‘bright’; urges them to hold on to stock
Economic Times
·
4m ago
Medial
Tesla CEO Elon Musk reassured employees about the company's future during a meeting, despite falling stock and criticism over his political role. Musk emphasized Tesla's bright prospects and urged staff to hold onto their shares. The company faces backlash due to Musk's involvement with Trump's administration and agency shutdowns, leading to protests and falling sales. Musk defended Tesla models and teased affordable upcoming releases, while Trump's administration shows support amidst the challenges.
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The Definitive Story of Tesla Takedown
Wired
·
1m ago
Medial
The article describes the "Tesla Takedown," a grassroots movement protesting against Elon Musk due to his ties to Donald Trump and significant government spending cuts. This coalition includes environmentalists, activists, and federal workers advocating against Musk’s ventures, particularly Tesla. The movement organizes protests at Tesla showrooms to symbolize their resistance and aims to impact Tesla’s stock market position. Despite some chaotic events and allegations, the participants maintain their commitment to peaceful demonstrations, achieving notable divestment milestones against Musk’s companies.
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Tesla tumbles after CEO Elon Musk warns of slower growth in 2024
Reuters
·
1y ago
Medial
Tesla's stock tumbled 7% after CEO Elon Musk warned of slower sales growth this year, despite recent price cuts. Musk stated that growth would be "notably lower" as Tesla focuses on a new electric vehicle to be produced in Texas. This announcement has raised concerns among investors, causing Tesla's market value to potentially decrease by $50 billion. The EV industry has been experiencing a slowdown in demand, and Tesla's price cuts are expected to add further pressure on the industry.
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Tesla board opened search for a CEO to succeed Elon Musk
Economic Times
·
3m ago
Medial
Tesla's board initiated a search for a successor to CEO Elon Musk, prompted by his involvement with the Trump administration and declining sales of Tesla's vehicles, according to a Wall Street Journal report. Musk, facing investor criticism, pledged to focus more on Tesla. However, the status of this succession planning remains unclear. Protests and vandalism related to Musk's politics have impacted Tesla, but it's uncertain if Musk was informed of the board's actions.
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Tesla to build 25,000-euro car at German plant
Economic Times
·
1y ago
Medial
Tesla plans to manufacture a 25,000-euro ($26,837.50) car at its Berlin factory, aiming for a more affordable EV, according to a source. The production start date remains undisclosed, and Tesla declined to comment on the matter. CEO Elon Musk visited the Gruenheide plant and informed staff of the plan during a meeting, indicating the company's commitment to expanding into the mass market. Tesla aims to increase vehicle deliveries to 20 million by 2030. The move comes as the EV market faces challenges, including a weak economy and high-interest rates.
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ETtech explainer: How a Modi-Musk meeting supercharged Tesla’s India plans
Economic Times
·
3m ago
Medial
Electric vehicle giant Tesla has accelerated plans for its India entry following a meeting between CEO Elon Musk and Indian Prime Minister Narendra Modi in the U.S. Concerns about steep import duties had previously stalled Tesla’s Indian market entry. However, after Musk and Modi discussed various issues, including reducing tariffs on imported electric vehicles, Tesla began building its team in India, securing showroom space, and engaging with local suppliers to alter its supply chain strategy.
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Elon Musk tries to make himself indispensable at Tesla ahead of pay vote
Livemint
·
1y ago
Medial
Tesla CEO Elon Musk is pushing for changes that prioritize robotics and driverless cars, making the CEO role at the automaker even more crucial. Musk envisions a future where Tesla is a different company, offering robotaxis and cloud services. He has increased spending on AI development and plans to spend $10 billion this year on training and inference AI. Musk has also made sweeping layoffs and slowed the build-out of Tesla's Supercharger network. Despite concerns from investors, Musk believes Tesla's future lies in high-margin AI businesses rather than competing in the mainstream EV market.
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Bad day for X and Tesla prompts concern about Musk's distractions
Economic Times
·
5m ago
Medial
Elon Musk is under scrutiny for distractions as his businesses—Tesla, X (formerly Twitter), and SpaceX—encounter challenges. Tesla's stock plunged due to concerns over declining sales and protests, while X faced widespread outages, which Musk blamed on a cyberattack linked to Ukraine. SpaceX also suffered a rocket explosion. As Musk increasingly focuses on advising President Trump and spearheading a cost-cutting government initiative, questions about his oversight and dedication to his businesses intensify.
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Anything is possible: Elon Musk on potential xAI, Tesla merger
Inshorts
·
2m ago
Medial
Tesla CEO Elon Musk, while responding to a question about whether his AI startup xAI and the EV company could merge in the future, said, "Anything is possible." He added that a merger is "not out of the question," but would require support of Tesla's shareholders. Earlier this year, xAI acquired Musk's social media platform X in an all-stock deal.
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Tesla reportedly drops plan to build $25,000 EV
TechCrunch
·
1y ago
Medial
Tesla has reportedly decided to scrap its plans for a lower-cost electric vehicle (EV) priced at around $25,000. Instead, the company will shift its focus to a robotaxi that will be built on the same small EV platform originally intended for the low-cost vehicle. Tesla CEO Elon Musk dismissed the reports as "lying" but did not refute any specific details. While Musk had previously teased the idea of a cheap Tesla, the company and its CEO were at odds over whether to prioritize a traditional car or a futuristic robotaxi.
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