Elon Musk pushed the auto industry to adopt electric vehicles, but the shift has since turned into a major challenge for Tesla, ex-Ford CEO Mark Fields said.
"One of the many things he did is he pushed the industry toward taking EV seriously," Fields said of Musk, the chief executive of Tesla. "He has real competition now, and that's why you're seeing some of their share in some of the major markets under a lot of pressure."
Fields was critical of Tesla's reliance on selling carbon credits to supplement its profits, suggesting it's a harbinger of more challenges. According to Credit Suisse analyst Dan Levy, Tesla's global market share was 11% in April, down from 29% in March. He noted share losses in the China, Europe and U.S. markets.and Ford, making headway in the space as new products are announced and come online.
After soaring in 2020, Tesla shares have dropped more than 14% so far in 2021. The stock, which trades more like a tech stock, closed 3% lower Wednesday at $605.12 a share.
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