this post was submitted on 23 Apr 2024
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353
Tesla’s in its flop era (www.theverge.com)
submitted 6 months ago by [email protected] to c/[email protected]
106 comments fedilink hide all child comments
 

When Tesla releases its first quarter earnings this afternoon, the company’s CEO Elon Musk will field the usual questions about new products, new factories, and progress toward its futuristic vision of self-driving cars and robot workers. But Musk will also face increasingly urgent questions about its current state of affairs — and why everything seems to be going to shit. 

Earlier this month, the company reported its first year-over-year sales drop in four years, a sign of rougher waters ahead. Tesla’s stock has fallen more than 40 percent since the start of the year, including a 13 percent drop in the last week. The company laid off over 14,000 employees last week, 10 percent of its global workforce — which could end up being closer to 20 percent when all’s said and done, according to Bloomberg. Today’s earnings report is expected to include Tesla’s lowest profit margins in six years, a sign that rampant price-cutting continues to exact a toll.

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[–] [email protected] 9 points 6 months ago (2 children)

Also, the resale values are…not good.

[–] [email protected] 9 points 6 months ago

Really? I looked at prices of used EVs recently and was dissappointed at how expensive they were. I would have liked to be able to afford one as a first car.

[–] [email protected] 6 points 6 months ago

Used prices have plummeted in part because new prices have dropped a lot. If new prices stabilize (big if), the resale value should retain itself a bit better going forward.

It's normal for a 1-year-old car to lose 20% of its value compared to a brand new model. But if you bought a $60,000 model a year ago, and that model dropped to $50,000 new, then your one-year-old car might only be worth $40,000 or so (20% less than a new car, but 33% less than what you paid for it).