Six months after CEO Elon Musk said Tesla does not have a 'demand problem' — which might've been true at the time — Tesla now appears to have a demand problem.
of its Model 3 and Model Y in the U.S. by a weighted average of about $10,000, or 16%, according to Evercore ISI analysts.Tesla has experienced a sharp drop in its stock price over the last several months as Musk's Twitter management led to criticism of his leadership — and as the company faces rising competition with no new vehicles ready to go.among consumers has fallen from 28.1% in March 2022 — the month before Musk offered to buy Twitter — to 12.
Shares of several automakers, including Tesla, General Motors and Ford, fell Friday afternoon as investors appeared to fear the prospect of increased price competition.The move will make more vehicles eligible for federal tax credits under the new standards, which disqualify more expensive models from eligibility.
"While the move will hurt TSLA's margins, we think it will undoubtedly boost sales volume and represents a significant setback for TSLA's EV competitors, as it should widen the company's competitive advantage and make many more Tesla vehicles eligible," CFRA Research analyst Garrett Nelson writes.
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