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Tesla sales tumble 13% as Musk backlash, competition and aging lineup turn off buyers

Economic Times

Economic Times · 4m ago

Tesla sales tumble 13% as Musk backlash, competition and aging lineup turn off buyers

Tesla's sales dropped 13% in the first quarter due to competition, an aging lineup, and backlash from Elon Musk's political stances. Despite incentives, deliveries fell short of expectations, causing investor concerns. This decline, amid protests and a damaged brand image, impacted Tesla's stock, which has halved since mid-December. Analysts note soft demand in key markets and competitive pressure from rivals like BYD, reflecting broader challenges for Tesla in the electric vehicle market.

Related News

Tesla is laying off more than 10% of its global workforce

TechCrunch · 1y ago

Tesla is laying off more than 10% of its global workforce

Tesla is laying off more than 10% of its global workforce, affecting over 14,000 employees, according to an internal email from CEO Elon Musk. The job cuts come after a decline in sales and as the company looks to reduce costs and increase productivity. Tesla's sales growth is expected to be lower in 2024, and the company is in a transitional phase with its product lineup. Despite shipping a record 1.8 million EVs in 2023, Tesla faced challenges from high interest rates and global competition, leading to price cuts on popular models. The company has also reportedly delayed plans for a lower-cost EV.

US president Trump to buy Tesla car as mark of support for Elon Musk

Economic Times

Economic Times · 5m ago

US president Trump to buy Tesla car as mark of support for Elon Musk

Former US President Donald Trump expressed his support for Elon Musk by stating he would purchase a Tesla to show confidence in Musk's leadership. Trump praised Musk's efforts to bolster the US economy while criticizing attempts by the "Radical Left" to boycott Tesla. The announcement follows backlash against Tesla, including protests and vandalism, due to Musk's cuts in federal jobs and budgets. Despite peaceful demonstrations, Tesla faces potential financial challenges amid declining sales and increased competition.

Tesla to lay off 693 employees in Nevada, government notice say

Livemint

Livemint · 1y ago

Tesla to lay off 693 employees in Nevada, government notice say

Tesla is planning to lay off 693 workers at its Sparks, Nevada location, representing over 10% of its global workforce. This move comes in response to declining sales and increased competition in the electric vehicle market. Tesla has also announced price cuts for its electric vehicles in China and the US. The company hopes these adjustments will stimulate sales and reduce inventory levels. Additionally, Tesla is facing challenges such as a recall of 3,900 Cybertruck pickups and a resubmission of a compensation package for CEO Elon Musk.

Elon Musk tells Tesla staff future is ‘bright’; urges them to hold on to stock

Economic Times

Economic Times · 5m ago

Elon Musk tells Tesla staff future is ‘bright’; urges them to hold on to stock

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.

Tesla's redesigned Model Y is coming to North America in March for $60,000 | TechCrunch

TechCrunch · 7m ago

Tesla's redesigned Model Y is coming to North America in March for $60,000 | TechCrunch

Tesla's redesigned Model Y SUV will arrive in North America in March 2025, starting at nearly $60,000. Launched globally, this update aims to boost sales following a dip in 2024 deliveries. While its exterior features a more streamlined design, the vehicle's interior boasts a new touchscreen for rear passengers and enhanced features. Tesla faces challenges in its aging lineup but anticipates future growth through new models and transitioning towards robotics and AI innovations.

Elon Musk turned democrats off Tesla when he needed them most

Livemint

Livemint · 1y ago

Elon Musk turned democrats off Tesla when he needed them most

The proportion of Democrats buying Tesla vehicles dropped by over 60% after Elon Musk made controversial statements and engaged in political posturing. The fall in sales coincided with Musk's public remarks on issues such as illegal immigration and his criticism of Disney. This decline highlights the risk for Tesla as its CEO becomes increasingly political, particularly during a time when electric car manufacturers are already struggling to appeal to Republican buyers. Tesla has since made some progress in recapturing Democratic buyers, but the overall market for electric vehicles has slowed and Tesla's sales have declined globally.

Elon Musk wanted Tesla to slash its headcount by 20% because its quarterly vehicle deliveries fell by that much, Bloomberg source says

Business Insider

Business Insider · 1y ago

Elon Musk wanted Tesla to slash its headcount by 20% because its quarterly vehicle deliveries fell by that much, Bloomberg source says

Tesla CEO Elon Musk reportedly wanted the company to reduce its workforce by 20% to align with a decrease in vehicle deliveries. This came after Tesla reported a 20.1% drop in car deliveries in Q1 2024, the lowest quarterly performance since 2022. Musk recently announced layoffs of "more than 10%" to address duplication of roles and job functions. Tesla faces challenges including declining sales and competition from Chinese automakers.

Musk says Tesla's robotaxi service to 'tentatively' launch in Austin on June 22

Economic Times

Economic Times · 2m ago

Musk says Tesla's robotaxi service to 'tentatively' launch in Austin on June 22

Elon Musk announced that Tesla plans to launch a robotaxi service in Austin, Texas, on June 22, though the date might change due to safety concerns. Initially, Tesla will operate around ten taxis, monitored remotely and geofenced for safety. This rollout marks a significant step towards autonomous driving, a goal Musk has pursued for a decade. The move comes amid declining Tesla vehicle sales and increasing competition, alongside potential regulatory challenges.

Nissan’s Overly Ambitious Goals Fuel Investor, Supplier Distrust

Livemint

Livemint · 9m ago

Nissan’s Overly Ambitious Goals Fuel Investor, Supplier Distrust

Nissan's tendency to overpromise and underdeliver has once again been highlighted as the Japanese automaker revised its sales target downwards for the current fiscal year. This habit, which dates back to former CEO Carlos Ghosn's tenure, has eroded trust among investors and suppliers. Despite Ghosn's exit six years ago, Nissan has not been able to shake off this operational style. The company's market capitalization has shrunk significantly, and an aging product lineup poses another challenge. The accuracy of Nissan's sales forecasts has been consistently low in recent years, leading to concerns among suppliers.

Musk’s politics see Tesla sales collapse in Europe

Arstechnica

Arstechnica · 3m ago

Musk’s politics see Tesla sales collapse in Europe

Tesla is experiencing a significant sales decline in Europe, with drops over 50% in countries like the UK, France, and the Netherlands. Sales fell by 62% in the UK and 46% in Germany despite rising overall BEV sales. Contributing factors include an outdated product lineup, competition from Chinese and European brands, and CEO Elon Musk's controversial political stance. Meanwhile, Tesla’s production capacity remains underutilized, with only Italy and Norway seeing sales growth.

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