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Tesla's Stock Plummets Below $150, Erasing Yearly Gains
1 year ago•Source: The Associated Press
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3.39 min•1 year ago
Tesla Stock Plummets Below $150, Facing 'Thesis-Changing' Downgrade
Tesla's stock has plummeted below $150 per share, erasing all gains made over the past year, as the company faces falling sales and steep discounts. The electric vehicle maker's shares are down 12.4% this week and more than 39% this year, with analysts expressing concern over the company's future. Tesla's recent announcement of job cuts and the departure of high-placed executives adds to the company's challenges, while uncertainty looms over the release of a new affordable electric vehicle. The stock slide has also impacted Elon Musk's $56 billion pay package, which has now decreased to $44.9 billion.
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"Tesla's Layoffs Signal Trouble in the EV Market"
Originally Published 1 year ago — by Los Angeles Times
Tesla is facing challenges with aging product lines, stalling sales, quality problems, and executive departures, leading to layoffs of "more than 10%" of its global workforce. The EV market as a whole is experiencing slower growth, with major automakers scaling back EV ambitions and startups facing financial difficulties. EV sales growth is slowing, and there are signs of customer resistance, particularly among mainstream buyers who are less affluent and face challenges with charging infrastructure. Policymakers and automakers, including Tesla, have work to do to meet climate goals and address market challenges.
Tesla Halts Cybertruck Deliveries Over Accelerator Pedal Issues
Originally Published 1 year ago — by New York Post
Tesla has reportedly halted Cybertruck deliveries due to an accelerator issue, where the pedal cover comes off, potentially causing unintended acceleration and accidents. Customers have complained about canceled delivery appointments and malfunctions shortly after receiving their trucks. This comes as Tesla faces falling sales and announces a workforce reduction of over 10%. CEO Elon Musk called the decision "difficult" as the company grapples with an intensifying price war for electric vehicles.
"Tesla Executives Depart and Layoffs Announced: What It Means for the Company"
Originally Published 1 year ago — by CNBC
Tesla executives Drew Baglino and Rohan Patel have announced their departure from the company as it undergoes a round of layoffs, with Baglino having been with Tesla since 2006 and Patel joining in 2016 after working with former President Barack Obama. The departures come amid reports of a shift in strategy towards developing a "robotaxi" and increased competition in the electric vehicle market. CEO Elon Musk thanked both executives on social media, while also mentioning the need for periodic company reorganization.
"Tesla Announces Layoffs of Over 10% of Global Workforce"
Originally Published 1 year ago — by NBC News
Tesla CEO Elon Musk announced in a memo that the company will lay off more than 10% of its global workforce as part of cost reduction and productivity increase efforts. The decision comes as Tesla faces challenges including slowing electric vehicle sales growth, increased competition, and logistical disruptions. Musk acknowledged the difficulty of the decision and expressed gratitude to departing employees, while emphasizing the importance of remaining employees in driving the company's growth in auto, energy, and artificial intelligence technologies.
"Tesla Plans to Cut Over 10% of Global Workforce in Bid for Innovation and Efficiency"
Originally Published 1 year ago — by TechCrunch
Tesla is reportedly laying off more than 10% of its global workforce, impacting over 14,000 employees, as CEO Elon Musk aims to cut costs and boost productivity amid a cooling demand for EVs and a warning of lower sales growth in 2024. The layoffs come as Tesla is in between product cycles and facing increased global competition, with the company also dropping or delaying plans for a lower-cost EV in favor of focusing on a platform for a robotaxi.
Tesla Plans to Cut Over 10% of Global Workforce
Originally Published 1 year ago — by CNBC
Tesla's shares dipped over 1% in premarket trade following reports that the company plans to lay off more than 10% of its global workforce as it seeks cost reductions and increased productivity. The decision comes amid waning demand for electric vehicles, stiffening competition from Chinese automakers, and logistical challenges. CEO Elon Musk cited the need to prepare the company for its next phase of growth. Tesla will release its first-quarter financial results on Tuesday.
"Ford's Massive Truck Deployment: 144,000 Units Head to North American Dealers"
Originally Published 1 year ago — by Yahoo Finance
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BMW Surpasses Milestone with Strong Electric Vehicle Sales
Originally Published 1 year ago — by Yahoo Finance
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"Can Tesla Bounce Back from Stock Plunge?"
Originally Published 1 year ago — by ABC News
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"Lucid Motors Sets Record Q1 EV Deliveries Amid Stock Jump"
Originally Published 1 year ago — by Electrek
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