The slowdown in China, Tesla’s most profitable market, comes after a period of relative stability in terms of profit and production growth for Elon Musk’s EV powerhouse.
Elon Musk speaks during the opening of Tesla's Giga Berlin plant near Gruenheide, Germany, on March 22.after starting 2022 with its biggest profit and highest vehicle deliveries in company history, fueled by booming China business. But a severe Covid-related lockdown there that continued until this month, along with startup pains at the electric-car maker’s newest plants, has analysts slashing their forecasts for global delivery numbers it’s expected to report within the next few days.
Along with a lower pace of deliveries the quarter also brought Tesla’s first large-scale job cuts that Musk, who expects the U.S. economy to fall into recession, said will affect about 3.5% of employees worldwide. This week those firings included the elimination of about Musk was far more upbeat in the company’s first-quarter results call, initially anticipating that the current three-month period could see deliveries remain similarly robust.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sweden's Plugin EV Share Grows In June - Tesla Model Y Overall BestsellerIn June 2022 Sweden’s plugin electric vehicles took 55.1% market share, up from 49.4% YoY. BEVs grew share by over 31% YoY, whilst PHEVs reduced share slightly.
Read more »
Hyundai Ioniq 6 to target Tesla Model 3 as sleek EV saloon | EvoFollowing on from the highly successful Ioniq 5, Hyundai has launched the Ioniq 6 to rival the Tesla Model 3 and BMW i4 -
Read more »
Tesla Noted As Part Of $700 Million US EV Charging Manufacturing Capacity BoostThis article describes the Biden-Harris Administration announcement about increased private investment in EV charging manufacturing capacity.
Read more »
Hyundai Ioniq 6 Wants to Take on Tesla Model 3The Hyundai Ioniq 6 is on the way to battle the Tesla Model 3 in 2023. Here's what it promises, along with an avant-garde design.
Read more »
Michael Burry: Tesla layoffs an ominous sign for white-collar workersRecent reports of layoffs at Tesla are an ominous sign for white-collar workers nationwide, “Big Short” investor Michael Burry predicted on Wednesday. Burry argued that blue-collar workers will sta…
Read more »
Volkswagen plans to overtake Tesla by mid-decade | AutocarCEO Herbert Diess says VW will aim to take advantage of Tesla's battery-supply issues and Covid shutdowns
Read more »