Tesla’s value plunged nearly $200 billion since mid-July – and the EV maker faces a bumpy road ahead::Tesla shares closed Tuesday at just over $233, well down on their 2023 peak of $291.
Tesla’s value plunged nearly $200 billion since mid-July – and the EV maker faces a bumpy road ahead::Tesla shares closed Tuesday at just over $233, well down on their 2023 peak of $291.
I’m surprised this isn’t just because of there being more competitors to Tesla like rivian. Tbh though I dislike cars, I just have to use them sadly.
I love cars, and I know that goes against what I’m supposed to say here.
It’s okay to love cars, people have an issue with the Car being the only viable option in many places.
When I lived in Brno, which is at around 450K population in Czechia, I was going there by car, as in I drove from Slovakia to Brno, parked my car and haven’t used it until I was visiting Slovakia again, I only used it when I went for a big shopping to the hypermarket that was at the outskirts of the city.
Did you ever see James May’s OG Top Gear piece on Honda’s hydrogen car? I think about it a lot. That alternatives to ICE cars is the way to save ICE cars for enthusiasts.
There aren’t any. By volume Tesla is still the biggest EV maker by far. The competition is nowhere close to catching up. If they screw up the launch of the Cybertruck, they’ll really be in trouble, though. Also, the valuation is to a large degree based on the promise of full self driving. That seems to be an increasingly distant prospect, though.
But Telsa’s market share has dropped from 79% to 62.4% in 2 years.
Things are changing fast.
No company will maintain this kind of market share forever. Over 60% ist still impressive and shows how pathetic the EV efforts of the incumbents have been so far.
key words being “so far”, Tesla is going to be blown the fuck out of water by what traditional Automakers are starting to offer.
I’m sure too that there are a lot of prospective EV buyers that are waiting on the sidelines until a more reputable brand has something they like. (I’m one of these people.)
Same here, my civic is gonna be the last gas vehicle I own. Next car is all electric.
This is exactly right, the big traditional auto makers were watching tesla,using them as a research experiment, and now are starting to build out their own EVs. Once it becomes viable for these automakers to produce many modules we will see lots of competition in the market, tesla will be completely overrun. There’s no way tesla can keep up with production powerhouses like Ford, and Toyota.
Honestly, as long as Tesla maintains its supercharger network, it will continue to blow its competition out of the water. I say this as someone who got a Korean EV instead of a Tesla.
Electrify America DCFC stations have been slipping in quality quite noticeably, just in the past year. EVgo is still catching up in the DCFC world, with a lot more slow 50 kW cabinets than genuinely fast 150+ kW chargers. Non-Tesla cars using the supercharger Magic Dock often aren’t charging as fast as a Tesla, likely due to the difference in electronics.
I think you have to be the sort of person who doesn’t mind tinkering a bit and putting in planning and effort to thrive in a non-Tesla, unless you simply never plan to road trip far enough to need DC fast charging.
So a lemmy user will probably be fine. The general public might do better with a Tesla for now.
EU says hi with our regulations mandating Tesla to make their chargers inter-operable with other brands.
Can you please accept the USA into your pleasant union?
Gods, I love the EU.
It may not be perfect, and has a lot of improvements to make.
But damn does it actually work for the population instead of the corporations.
I feel like this is inevitable. We don’t have to try and find the station that has the right nozzle to pump gas in a Ford. Likewise, vehicle charging stations should have standard plugs. It just doesn’t make sense the other way around.
I thought I read Tesla’s plug was going to maybe the standard, but maybe I’m misremembering.
The only issue I’ve heard with NACS is that the 800V battery auto makers aren’t convinced it’s as capable as CCS of supporting the higher voltage for that generation of EV battery. Hopefully they work it out soon.
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All the other majoe manufacturers sell way more vehicles than Tesla, and are rapidly pivoting to the electric market. Tesla is pretty fucked.
https://www.google.com/amp/s/www.cnbc.com/amp/2023/06/15/teslas-us-electric-vehicle-market-share-could-drop-to-18percent-by-2026.html
They have big problems. They are way overvalued, and other manufacturers are catching up who are geared for higher levels of mass production. And once the share price starts falling there’s the risk that it can cause a feedback loop.
Yeah, but the silly Tech Startup kind of market valuation with the associated crazy P/Es (justified by “we will take over the whole industry” kind of justification) that made them more valueable than all US automakers combined (not just the EV auto-segment, everything) is dissapearing.
Their valuation reflecting the size of their market share (in the entire auto-market, not just EVs which are still a minority of sales) and growth direction (growing mainly due to the EV segment growing and don’t seem to be in line to dominate the whole auto-market as EVs take over) means a massive fall from the fantasy “we’ll take over the world” valuations.
Mind you, it’s happenning more generally in the whole Tech segment as the end of free money which was used in leveraged stock investment is wiping out all the investment strategies based on wild and fantastical claims of “future prospects” and on finding greater suckers.
It’s probably not even a fall due any worst numbers or concrete prospects for Tesla: the collapse of the massive stock price premiums (judging by the P/Es in Tech vs those in the wider market) for “future prospects” in the whole of the Tech industry, would definitelly pull Tesla’s stock price down hard because Elon’s main business “strategy” has always been to frame his ventures as Edgy Tech in order to reap such premiums and he definitelly went hard on it with Tesla.
Looking at Tesla as just a car manufacturer ist short sighted. The energy products also have huge growth potential. And whoever cracks FSD first will basically own the world. I used to be confident that that will be Tesla. But now I’m a lot less optimistic for the sector as a whole.
Good luck with Tesla cracking full self driving without LIDAR.
I believed in Tesla’s FSD until they decided to go visual cameras only. Now I’m convinced they squandered their decade-long lead in the market on a technologically inferior strategy.
Hasn’t the F-150 has already preemptively destroyed the Cybertruck? I suppose most people driving pickups don’t actually need a pickup’s functionality. They’re just told they need a pickup so that’s what they buy.
I see more F150 Lightning trucks than I do model 3 cars, and this is in a red state full of people who are scared of electric vehicles.
lol as if that hideous pos truck is going to save them.
There are, plenty of Chinese EV companies. One in particular sells by volume way more cars than Tesla worldwide. It just doesn’t sell to the US yet.
No Chinese EV company sells more BEV globally than Tesla.
To get the advertised numbers that are higher than Tesla it includes plug in hybrids.
Edit: Until Tesla releases their Gen 3 platform, BYD may pass them in 2024 though.