Tesla 2024

Tesla drops delivery goal of 20 million vehicles a year from latest report
https://finance.yahoo.com/news/tesla-drops-reference-goal-delivering-143539555.html

(Reuters) - Tesla has left out its goal of delivering 20 million vehicles a year by 2030 in its latest impact report published on Thursday, another sign the company was moving away from electric cars as it shifts focus to robotaxis.

CEO Elon Musk had said in 2020 that Tesla aspired to sell 20 million vehicles by the end of the current decade - twice as many as those sold by Toyota, the world's largest automaker. It had reiterated the goal in its 2021 and 2022 impact reports.

But the company changed tack recently, dropping plans to produce an all-new model that was expected to cost $25,000, while touting autonomous driving technology as its main source of growth. It plans to host a launch event for its robotaxi on Aug. 8.

Robotaxis and the company's humanoid robot Optimus will be "incredibly profound" for Tesla, Musk said on Thursday through a video-link at the annual "Viva Technology" conference in Paris.

He declined to answer a question on the timeline for Tesla's low-cost cars at the event.

Musk said in April that Tesla plans to bring forward the launch of new models, including affordable cars, to as early as late this year. But Tesla said it plans to use current product lines for new affordable vehicles instead of new facilities, making a strategic change that would result in smaller cost reductions than expected and modest volume growth.

Reuters first reported that Tesla shelved its next-generation, cheaper electric cars in favor of robotaxis.

"A healthy proportion of Tesla's 2030 goal would have been the company's hitherto longstanding promise to introduce affordable cars at the $25,000 mark," said Sandeep Rao, senior researcher at Leverage Shares, which owns Tesla shares.

"While the company currently promises to introduce 'more affordable' models in the future, this doesn't necessarily equate to cars costing $25,000 being rolled out."

Tesla shares were down 3.5% on Thursday, falling about 30% this year.

Slowing growth in EV demand and tough competition have hit demand for Tesla's vehicles. Its sales grew 38% in 2023, below the long-term annual growth target of 50% and Tesla warned in January that growth in deliveries would be notably lower this year. Tesla posted its first year-on-year sales drop in nearly four years during the January to March period this year.

In a bid to restructure, Tesla laid off over 10% of its staff this year, including disbanding the Supercharger team.

The 2023 impact report also showed Tesla's fast-charging network had an uptime of 99.97%, the highest in at least five years. However, some analysts and former employees have warned the division's performance could suffer due to the layoffs.

Tesla also did not compare the diversity of its workers to other companies in the report and it no longer states that a majority of its employees are from underrepresented groups.
 
upload_2024-5-24_13-19-8.png


descending triangle.

The long term doesn't look good.
 
gwb-trading said:
It's not so much that EV sales are down. The problem is that Tesla sales are going down.

Tesla may be in trouble, but other EVs are selling just fine
Almost every other automaker is seeing double-digit EV sales growth.
https://arstechnica.com/cars/2024/0...stly-a-tesla-problem-according-to-sales-data/
More...

Double digit sales growth in any industry isn't hard to achieve early on in the product cycle. It's much tougher when you're the big dog in the room. A 100K increase in unit sales can be double digit growth for one company, but it won't even move the needle for the company at the top selling the same product. It's simple math.

Your article is classifying "EV's" as a generic widget, and as such one needs to apply the rules of widgets for a more accurate understanding of a click-bait fluff piece written by someone that had a deadline to meet.
 
vanzandt said:
Double digit sales growth in any industry isn't hard to achieve early on in the product cycle. It's much tougher when you're the big dog in the room. A 100K increase in unit sales can be double digit growth for one company, but it won't even move the needle for the company at the top selling the same product. It's simple math.

Your article is classifying "EV's" as a generic widget, and as such one needs to apply the rules of widgets for a more accurate understanding of a click-bait fluff piece written by someone that had a deadline to meet.
More...

It's hard to argue with the hard facts and data provided by the article. The sales for Tesla and Volkswagen are shrinking and the rest of the EV industry is growing.

From a worldwide basis, comparing Telsa to a company selling a similar number of cars -- BYD is growing significantly year over year and Tesla's sales are shrinking. And by the way, BYD is really the "big dog in the room".

Let's take a look at Tesla's inventory. It's hard to define the company stock as a buy with shrinking sales, layoffs, falling margins, and leadership issues.

So Many Unsold Teslas Are Piling Up That You Can See Them From Space
Tesla has a glut of nearly 50,000 cars just sitting around in lots so packed, they can be seen from orbit.
https://jalopnik.com/so-many-unsold-teslas-are-piling-up-that-you-can-see-th-1851526312
 
Last edited:
gwb-trading said:
It's hard to argue with the hard facts and data provided by the article. The sales for Tesla and Volkswagen are shrinking and the rest of the EV industry is growing.

From a worldwide basis, comparing Telsa to a company selling a similar number of cars -- BYD is growing significantly year over year and Tesla's sales are shrinking. And by the way, BYD is really the "big dog in the room".

Let's take a look at Tesla's inventory. It's hard to define the company stock as a buy with shrinking sales, layoffs, falling margins, and leadership issues.

So Many Unsold Teslas Are Piling Up That You Can See Them From Space
Tesla has a glut of nearly 50,000 cars just sitting around in lots so packed, they can be seen from orbit.
https://jalopnik.com/so-many-unsold-teslas-are-piling-up-that-you-can-see-th-1851526312
More...
Well, TSLA sales were up 38% yoy in 2023. And in Q1 2024, they sold more EV's than BYD did. Nearly 100,000 more. Down 9% from the year prior quarter, but still 100,000 more than BYD.

And btw, TSLA is still the big dog in the room. For now. BYD may take that honor in a year or so... but as it stands, TSLA sells more BEV's than any other company in the world. ~case closed
 
Last edited:
You must log in or register to reply here.
Back
Top