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Keshav Kumar
Stealth • 8m
How bad is 2024 going so far for Tesla Inc.? Well, its stock is down more than Boeing Co., making it the worst performer in the S&P 500 Index. We are two weeks or so from the end of the first quarter and while the doors aren’t popping off Tesla vehicles, there is a distinct wobble in the (metaphorical) wheels. Electric vehicle sales, while still growing at a healthy clip, are slowing both in the US and worldwide. In China, the largest EV market in the world, Tesla’s sales were up across the first two months of the year — but in a cutthroat market where homegrown rival BYD Co. Ltd. now sells a model priced for less than $10,000. Moreover, sales from Tesla’s Shanghai factory overall, including exports, were down 6%, year over year, suggesting sluggish demand in other overseas markets.
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