Posted 1/13/2024, 3:26:00 PM
Tesla Faces Challenges As EV Dominance Slips
- Tesla has lost over $94B in market valuation so far in 2024 due to falling EV demand, price cuts, and margin erosion
- Tesla is cutting prices aggressively to boost demand, but this is hurting profit margins
- Tesla has fallen behind BYD in global EV sales volume
- Elon Musk has lost $23B in personal net worth so far this year, with Jeff Bezos threatening his #1 richest person status
- Tesla is still the EV market leader in the US and ahead of rivals in revenue and profits, but the stock was priced for perfection