Mass redundancies and Chinese competition have sent Tesla shares on a bad course. Ahead of its first-quarter report on Tuesday, the stock of Elon Musk’s electric car company has nearly halved. It is down 41 percent since the start of 2024.
One Tesla share costs $147 on Monday, the stock was at its peak in 2021, when it cost $407.
Investors are hoping for positive responses when the figures for the first quarter are released, but little points in that direction. For the first time since the pandemic, Tesla has reported a decline in sales. There has also been information about mass redundancies and cuts in working hours at the factory in Shanghai, as a result of lower demand.
Tesla has responded to the lukewarm sales by cutting prices in several countries. Tesla’s Model 3 will now be 2,000 euros cheaper in Germany, where the price will be 40,990 euros, corresponding to just over NOK 480,000.
– Prices must change often, so that production matches demand, Musk wrote on Sunday X/Twitter which he also owns.
It then remains to be seen whether it is enough to reverse a negative trend. In Europe, electric car sales are going in the wrong direction. 14.2 per cent of new car sales were previously electric cars, but now the figure is 12 per cent.