8/31/2023 0 Comments Tesla twitterThe aura around Musk - to his fans, a genius and a visionary - is part of the reason many people want a Tesla. But his purchase of Twitter last year is not like his stewardship of, say, SpaceX. Musk has run multiple companies for years. Elon Musk’s Twitter takeover is a headache for Tesla But the percentage is dropping, which the stock market doesn't love. electric vehicle sales, according to S&P Global Mobility. There is also growing competition in China, a critical market for Tesla and other automakers. Meanwhile, vehicles like the Kia EV6, the Ford Mach-E and the redesigned Chevy Bolt are starting to chip away at the mass market for EVs. Tesla stock lost 65% of its value in 2022. "We have a bunch of cars that are competing on even footing with Tesla in that they're performance oriented, they're luxury," says Brian Moody, the executive editor of Autotrader.īrand-new Tesla cars sit in a parking lot at the Tesla factory in Fremont, Calif., in October. At the high end of the market, familiar names such as Mercedes-Benz, BMW and Audi, as well as Lucid, Rivian and Polestar, are starting to cut into the territory of Tesla's pricier models. The bad news for Tesla? Competition is rising. And Tesla continues to dominate the electric vehicle market. Tesla faces new competition for electric vehicle salesĭespite a tough year for the broader auto industry, electric vehicle sales increased last year. auto sales declined in 2022 to decade lows, according to estimates from Cox Automotive.Īnd Tesla's sales may have increased 40% over 2021, but they still fell short of both its ambitious growth targets and analysts' expectations. They also started off 2022 with shortages of parts that kept dealer lots unusually empty - and ended the year with sky-high vehicle prices that could be turning away would-be buyers. Major players like General Motors and Ford fell some 40%, and startups like Rivian and Lucid dropped more than 80%.Īll automakers faced the same headwinds that the broader economy faced (inflation, rising interest rates). The stock market as a whole declined in 2022, and within the auto sector, every single automaker saw stock prices go down. ![]() It wasn't just Tesla that saw stock values slide. It was a tough year for the entire auto industry ![]() Here are four reasons the transformational company's stock has cratered. The company continues to dominate the electric vehicle market in the U.S., which is growing rapidly as the world seeks to reduce the carbon emissions causing climate change. It's also bad for Tesla CEO Elon Musk, who has a big chunk of his wealth tied to the automaker and is no longer the world's richest man.īut what made those sales figures so disappointing? Tesla set new sales records it grew deliveries 40%. ![]() And the company kicked off the new year with yet another plunge, dropping 12% in a single day after disappointing sales figures were announced. The electric-carmaker's stock lost 65% of its value in 2022. For several years, the meteoric rise of Tesla stock has captivated, thrilled and mystified Wall Street.
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