We should go back to [Steve] Jobs at Apple and Jack Welch at GE over the past 40 years to have similarities to what happens to a CEO at such a pivotal time in historydares Dan Ives, from Wedbush Securities.
You’re talking about a modern Thomas Edison going through a Howard Hughes moment.. It must be said that the article in which Ives responded, very dependent on Tesla, has just been published The edge lacks a bit of contrasts and… sight height.
Tesla is not alone in backing down
On a purely speculative level, the manufacturer has effectively lost 2/3 of its market value in one yearwith some bending for the end of 2022:
In absolute terms, this still represents the capitalization loss of several global producers combined. I must say Tesla is on the list as much as Volkswagen, Toyota, Hyundai Motor, General Motors, Ford and BMW combined! Hi, by the way, how is the competition doing in this rather hectic end of 2022? Well not terrible as you can see:
Others are doing a little better (Mercedes, BMW…), but the trend is still downward. The lack of components, the war in Ukraine, the Chinese paralysis due to Covid, the looming recession, the price of raw materials… the context is quite unfavorable for the car, electric or not. Moreover, even at Applehighly dependent on China (like Tesla and VW), the action drags a bit on the face at the end of the year:
Tesla will end the year in style
Tesla is still a young manufacturer with few factories and investors to reassure, Elon Musk makes every effort to end each semester in style. And it seems to be off to a good start, knowing that Tesla sold 19,144 Model Y in Europe in November (+ 260%), making it the best-selling car on the old continent – including thermals, ahead Dacia Sandero.
The goal is now to reach the figure of one million vehicles produced in one year, while the European factory is currently only producing 3,000 per week. This is why promotional activities (price reductions, offered 10,000 km, etc.) have been multiplied in recent weeks to sell the last stocks of 2022.
In an email sent to its employees, some of whom seem to have lost their mojo a bit, Musk said he believes Tesla will be the most profitable company in the world in the long run and that one should not trust the markets’ fears. But for that we have to speed up the deliveries :
Please do whatever it takes for the next few days and volunteer to help deliver if possible. It will make a real difference!
The whole question now is whether Tesla will continue its hellish pace in 2023. In one year, a Model 3 cost almost €10,000, and then some discretion although the number of orders has fallen sharply in recent months. However, this data remains speculative and gives e.g. no comparison from one year to the next. On the factory side, Tesla is at least currently selling all of its production.
2023, the decisive year?
In 2023, Tesla should continue to deliver its Tesla Semiwhose production has finally started. We are also waiting for the famous Cybertruckwhich has already been overtaken in beauty by the Rivian, the Ford F-150 and even the electric Hummer. Model 3 should also be updated, and not just aesthetically, before the end of the year. Finally, we await the announcement of a more affordable Model 2 and perhaps news of the Tesla Roadster, presented in… 2017.
Shortly said, Elon Musk still has his work cut out for him and the call to order from some shareholders (who felt the CEO didn’t take enough care of his company) is also a signal that there are still good things to do at Tesla, which hasn’t had its last word!
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