Tesla faced its first annual drop in sales attributed to increased competition in the electric vehicle market from both Chinese and Western automakers. The company built 433,000 vehicles but delivered only 387,000, down from 484,507 deliveries in the prior quarter. Price cuts to combat competition have squeezed profit margins, leading to a 5% drop in stock price. Tesla lost its title as the world's best-selling EV maker to Chinese BYD. Production issues at Fremont and disruptions in shipping routes also contributed to the decline. Analysts expected sales between 414,000 and 440,000 vehicles for the quarter.
Tesla experienced a sharp decline in sales in the first quarter of 2023, delivering 386,810 vehicles worldwide, almost 9% below the previous year's sales. Factors contributing to this decrease included increased competition in the electric vehicle market, slowed growth in EV sales globally, and unsuccessful price cuts. Challenges such as phasing in an updated Model 3, plant shutdowns, and an arson attack in Germany were also cited. Analysts had anticipated 457,000 deliveries, highlighting a significant shortfall. Analysts warn that CEO Elon Musk must steer the company back on track to avoid potential disruptions in Tesla's long-term narrative.
In 2024, Tesla's stock price dropped by nearly 30%, losing over $230 billion in value. Wells Fargo downgraded Tesla to "underweight" and slashed its price target to $125 citing a demand slowdown and lower earnings. Wedbush Securities cut Tesla's price target to $300, emphasizing a challenging first quarter with falling deliveries to China. Despite challenges, analysts appreciate Tesla's cost-saving production methods and potential technologies like full-self driving and Dojo supercomputer.
Wedbush analysts slashed Tesla's price target to $300 per share from $315, citing a difficult first quarter with estimated lower deliveries in China. Musk's leadership issues, AI project relocation, and challenges in demand add to the bleak outlook. Other analysts also reduced price targets due to disappointing earnings and lower growth projections for 2024 and 2025. Oppenheimer predicts 2.13 million deliveries in 2024 with revenue of $109.8 billion. Talks of Tesla partnering with CATL for battery tech in the U.S. could shape future revenue growth.
Tesla, Inc. ( TESS-lə or TEZ-lə) is an American multinational automotive and clean energy company headquartered in Austin, Texas, which designs, manufactures and sells electric vehicles, stationary battery energy storage devices from home to grid-scale, solar panels and solar shingles, and related products and services.Tesla was incorporated in July 2003 by Martin Eberhard and Marc Tarpenning as Tesla Motors. The company's name is a tribute to inventor and electrical engineer Nikola Tesla. In February 2004 Elon Musk joined as the company's largest shareholder and in 2008 he was named CEO. In 2008, the company began production of its first car model, the Roadster sports car, followed by the Model S sedan in 2012, the Model X SUV in 2015, the Model 3 sedan in 2017, the Model Y crossover in 2020, the Tesla Semi truck in 2022 and the Cybertruck pickup truck in 2023. The Model 3 is the all-time bestselling plug-in electric car worldwide, and in June 2021 became the first electric car to sell 1 million units globally. In 2023, the Model Y was the best-selling vehicle, of any kind, globally.Tesla is one of the world's most valuable companies. In October 2021, Tesla's market capitalization temporarily reached $1 trillion, the sixth company to do so in U.S. history. In 2022, the company led the battery electric vehicle market, with 18% share. As of 2023, it is the world's most valuable automaker. Also in 2023, the company was ranked 69th in the Forbes Global 2000.Tesla has been the subject of lawsuits, government scrutiny, and journalistic criticism, stemming from allegations of whistleblower retaliation, worker rights violations, product defects, and Musk's many controversial statements.
BYD's net profit doubled to 30 billion yuan in 2023, marking a significant increase from the previous year, despite facing challenges like global inflation and economic slowdowns. The Chinese company sold a record 3.02 million vehicles globally, including 1.44 million plug-in hybrids. BYD surpassed Tesla as the top seller of EVs in the last quarter of 2023, with more affordable cars attracting a wider range of buyers. Intensifying competition and price wars have impacted profit margins in the Chinese car industry, leading to price reductions by BYD and other carmakers.
Xiaomi, a major smartphone maker in China, launched its first line of electric vehicles (EVs) called the Speed Ultra 7 (SU7) at a lower price than Tesla's Model 3. The company received 50,000 firm orders within 30 minutes of the launch. Xiaomi's CEO, Lei Jun, achieved this feat just three years after entering the EV sector. Xiaomi's partnership with the Beijing Automotive Group has allowed quick access to manufacturing permits to produce around 200,000 EVs annually. The EV market in China is competitive, but Xiaomi aims to target the upper end of the market.
The Tesla Model S is a battery electric executive car with a liftback body style built by Tesla, Inc. since 2012. The Model S features a battery-powered dual-motor, all-wheel drive layout, although earlier versions featured a rear-motor and rear-wheel drive layout.Development of the Model S began prior to 2007, under the codename "WhiteStar". The Model S was officially announced on June 30, 2008, and a prototype vehicle was unveiled in March 2009. The Model S debuted on June 22, 2012. A revised, dual-motor, all-wheel-drive version, known as the 60D, debuted on October 9, 2014. The 60D was followed by the 70D, which made dual-motor and all-wheel drive the standard, followed by the 85D, P85D, and P90D. Along with these updates, Tesla offered the Autopilot driving assistance system. The first major design refresh came in April 2016 when the Model S was updated with a new front hood design. In October of the same year, hardware became standard that supports Tesla's Full Self Driving (FSD) capability. As part of the update, integrated standard cameras around the car were added. In February 2017 the Tesla Model S P100D debuted, which included a revised motor and was the first electric vehicle to have an EPA estimated range exceeding 300 miles (483 km). The second major design refresh, codenamed "Palladium", was introduced in June 2021, offering a new "Plaid" performance model, along with a revised interior, powertrain, and suspension.The Model S became the first electric car to top the monthly new-car-sales ranking in any country, leading twice in Norway, in September and December 2013 and in Denmark in December 2015. Sales passed 250,000 units in September 2018. The Model S was the top-selling plug-in electric car worldwide in 2015 and 2016, although it was later surpassed by the Model 3. Upon its release, the Model S received positive reviews, with praise for its acceleration and range, although initial models received criticism for their high cost and braking issues.
The Tesla Model Y is a battery electric mid-size crossover SUV produced by Tesla, Inc. since 2020. The vehicle was presented in March 2019 as the company's fifth production model since its inception after the Roadster, Model S, Model X and Model 3.After its 2019 introduction, the Model Y started production at the Fremont Factory in California, US in January 2020. Production at Giga Shanghai, China was added in December 2020, and at Giga Texas, US since late 2021. Deliveries from Giga Berlin, Germany started in March 2022.The Model Y is based on the Model 3 sedan, with around 76 percent of parts being shared between the two. While most Model Y are configured with two-row seating, in the US the Model Y offers optional third-row seats for a seven-passenger seating capacity.In 2023, Tesla delivered 1.2 million Model Ys, making it the world's best-selling vehicle that year, surpassing Toyota Corolla and becoming the first electric vehicle to claim that title. With at least 2.16 million units delivered since its start of production up to December 2023, the Model Y is also the most popular electric vehicle of all time.
The Tesla Model 3 is a battery electric mid-size sedan with a fastback body style built by Tesla, Inc., first introduced in 2017. It is marketed as being more affordable to more people than previous models made by Tesla. The Model 3 was the world's top selling plug-in electric car for three years, from 2018 to 2020, before being knocked from the top spot by the Tesla Model Y, a crossover SUV based on the Model 3 chassis. In June 2021, the Model 3 became the first electric car to pass global sales of 1 million. In November 2021, new features were added such as a power-operated trunk, heated steering wheel, new center console similar to the Model Y's with two wireless phone chargers, chrome trim replaced with matte black trim, USB-C ports, and a heat pump.An upgraded Model 3 with revamped interior and exterior styling was introduced in late 2023 for countries supplied by Tesla's Shanghai, China factory, and then in North America and other countries supplied by the Fremont, California factory in early 2024.
US stocks, including the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite, are on track to end a successful first quarter with record highs. The S&P and Nasdaq have surged around 10% this year, with signs of a broadening rally. Despite Tesla's recent decline, the stock market remains strong. AMC shares dropped 12% after announcing an equity distribution agreement. Energy stocks have outperformed, with the S&P 500 Energy Select ETF rising 9%. General Motors' CEO, Mary Barra, discussed the challenges of scaling up electric vehicle production.
Fisker reduces the price of its Ocean SUV by nearly 40% to $37,499, with cheaper trims available for $24,999, in a bid to avoid bankruptcy. The price cuts are a response to the challenging EV market, influenced by Tesla's pricing strategy. However, such significant discounts may harm the resale values of Fisker vehicles, impacting owners who bought them at higher prices. Fisker faces delisting from the NYSE and has paused Ocean production to focus on fundraising.
Xiaomi's SU7 electric vehicle, manufactured by state-owned BAIC Group, has received nearly 89,000 pre-orders within 24 hours, with wait times of 6 to 27 weeks. The range of SU7 models ranges from 435 to 516 miles and up to 663bhp. Customers have faced challenges in refunding deposits, with Xiaomi attributing issues to user errors. Amidst strong competition in China's EV market, Xiaomi aims to challenge rivals like BYD and Tesla by offering competitive pricing and founder's edition models. Xiaomi plans to increase production capacity to meet the high demand.
Xiaomi is set to unveil its highly anticipated electric car, the Speed Ultra 7 (SU7) sedan, priced below 500,000 yuan. Founder Lei Jun aims for the SU7 to rival top car manufacturers like Porsche and Tesla. With the Chinese EV market saturated and competitive, Xiaomi faces challenges amidst a price war. Despite being renowned for smartphones, Xiaomi accounted for 13% of global smartphone sales in Q4 2023. The SU7 boasts a 700 km range, outperforming Tesla's Model 3 long-range version.
PVH Corp. and UnitedHealth Group saw significant declines due to disappointing earnings forecasts and payment rates, while Veeva Systems and Tesla also experienced drops. On the other hand, Roivant Sciences and Valero Energy rose after positive developments. Schlumberger and Paychex also declined following financial announcements.
Xiaomi's new electric vehicle SU7 has garnered strong demand with pre-orders hitting 88,898 within 24 hours of availability, leading to potential delays of up to seven months for delivery. Priced at $29,870, the SU7's standard model takes 18-21 weeks for delivery, while the top model may take 27-30 weeks. Xiaomi also released special editions with gifts, drawing comparisons to Tesla and Porsche models. The technology giant plans to invest $10 billion in its vehicles business, aiming to appeal to existing customers with seamless integration with its other products.
The Toyota RAV4 EV is an all-electric version of the popular RAV4 SUV produced by Toyota until 2014. Two generations of the EV model were sold in California, and to fleets elsewhere in the US, with a gap of almost ten years between them.The first generation was leased from 1997 to 2003, and at the lessees' request, many units were sold after the vehicle was discontinued. A total of 1,484 were leased and/or sold in California to meet the state's mandate for zero-emissions vehicle. A small number were sold or leased in fleet sales in other states. As of mid-2012, there were almost 500 vehicles still in use in California. Production of the second generation EV was limited to 2,600 units during a three-year run, with sales limited to California beginning in 2012. Production ended in September 2014. A total of 2,489 units of the second generation model were sold in California through April 2015.Toyota worked together with Tesla Motors and Panasonic to develop the second generation RAV4 EV, and the electric SUV was released in the United States in September 2012. The US Environmental Protection Agency rated the second generation RAV4 EV with a range of 103 mi (166 km) and a combined fuel economy rating of 76 miles per gallon gasoline equivalent (3.1 L/100 km).
Elon Musk has ordered Tesla employees to install and activate the latest Full Self-Driving software in North America and take customers on a demonstration ride before delivering the car. The $12,000 FSD upgrade aims to showcase the capabilities of autonomous driving, although the system has not reached full autonomy levels as promised. Musk's move, aimed at increasing FSD sales, comes amidst previous regulatory scrutiny and investigations into Tesla's Autopilot and FSD technologies.
Tesla Autopilot is an advanced driver-assistance system (ADAS) developed by Tesla that amounts to partial vehicle automation (Level 2 automation, as defined by SAE International). Tesla provides "Base Autopilot" on all vehicles, which includes lane centering and traffic-aware cruise control. Owners may purchase an upgrade to "Enhanced Autopilot" (EA) which adds semi-autonomous navigation on limited access roadways, self-parking, and the ability to summon the car from a garage or parking spot. The company claims the features reduce accidents caused by driver negligence and fatigue from long-term driving. Collisions and deaths involving Tesla cars with Autopilot engaged have drawn the attention of the press and government agencies.Full Self-Driving (FSD) is Tesla's branding for its beta testing program to achieve fully autonomous driving (SAE Level 5). The naming is controversial, because vehicles operating under FSD remain at Level 2 automation and are therefore not "fully self-driving" and require active driver supervision. FSD adds semi-autonomous navigation on city streets and the ability to respond to visible traffic lights or stop sign. As of February 2023, Tesla has about 360,000 participants in the FSD program. Industry observers and academics have criticized Tesla's decision to use untrained consumers to validate beta features as dangerous and irresponsible.The company's stated intent is to offer fully autonomous driving at a future time, acknowledging that technical and regulatory hurdles must be overcome to achieve this goal. Since 2013, Tesla CEO Elon Musk has made repeated inaccurate predictions for Tesla to achieve Level 5 autonomy, most recently predicting the end of 2023.
BYD Auto Co., Ltd. is the automotive subsidiary of BYD Company, a publicly listed Chinese multinational manufacturing company. It manufactures passenger battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), collectively known as new energy vehicles (NEVs) in China. It also produces battery electric buses and trucks.BYD Auto was founded in January 2003 by BYD owner Wang Chuanfu, following BYD's acquisition of Xi'an Qinchuan Automobile. The first car designed by BYD, the BYD F3, entered production in 2005. BYD started producing its first plug-in hybrid electric vehicle, the BYD F3DM in 2008, followed by its first production battery electric vehicle, the BYD e6 in 2009. BYD ended production of purely internal combustion engined cars in March 2022 to focus on new energy vehicles. The company sells its vehicles under the main BYD brand, and high-end vehicles under its Denza, Yangwang and Fangchengbao brands. Following a series of decline in sales and profit, BYD Auto has experienced substantial sales growth since 2020 due to the increasing market share of new energy vehicles in China. BYD became the top-selling battery electric vehicle manufacturer in the world after overtaking Tesla in the fourth quarter of 2023. BYD is also the best-selling car brand in China since the first quarter of 2023, overtaking Volkswagen which held the title since the liberalisation of the Chinese automotive industry. Since 2021, the company is expanding sales of passenger cars into overseas markets in Europe, Southeast Asia, Oceania and South America.The company is characterised by its extensive vertical integration, leveraging BYD group's expertise in producing batteries and other related components such as electric motors and electronic controls. All components in BYD vehicles except tires and windows are claimed to be produced in-house within the BYD group. The group operates lithium mines, lithium processing, battery production, and an in-house computer chip unit, ensuring control and flexibility in production cost and production volume. BYD's battery division, FinDreams Battery, is the world's third largest producer of electric vehicle batteries as of the first half of 2022. It specialises in lithium iron phosphate (LFP) batteries, which is marketed as the Blade battery.
The Tesla Cybertruck is a battery electric full-size pickup truck built by Tesla, Inc. since 2023. Introduced as a concept vehicle in November 2019, it features a triangular body design with flat sheet metal panels made of stainless steel.Tesla was initially aiming to bring the vehicle into production in 2021. After a series of delays, production Cybertrucks were first delivered to customers in late November 2023. As of December 2023, the Cybertruck is available only in North America. Three models are offered: the tri-motor all-wheel drive (AWD) "Cyberbeast", a dual-motor AWD model, and a rear-wheel drive (RWD) model, with EPA range estimates of 250–340 miles (400–550 km), varying by model.
Tesla most commonly refers to:Nikola Tesla (1856–1943), a Serbian-American electrical engineer and inventorTesla, Inc., an American electric vehicle and clean energy company, formerly Tesla Motors, Inc.Tesla (unit) (symbol: T), the SI-derived unit of magnetic flux densityTesla may also refer to:
The Wuling Hongguang Mini EV (Chinese: 五菱宏光MiniEV) is a battery electric city car manufactured by SAIC-GM-Wuling since 2020. Retail deliveries began in China in July 2020. As of February 2023, global sales since inception have passed 1,100,000 units, and the Mini EV has become the best-selling electric car in China.
Nvidia (NASDAQ: NVDA) became a Wall Street darling last year when it cornered the market on artificial intelligence (AI) chips and earned its spot in the "Magnificent Seven," a phrase used to describe the seven most prominent tech companies. As a result, the company's stock is up 242% since last March, almost entirely based on excitement over its AI prospects. With the industry projected to expand at a compound annual growth rate (CAGR) of 37% until at least 2030, it's no wonder investors have flocked to the market. However, plenty of companies are moving into AI and could have more room to run than Nvidia or might be trading at a better value than the chipmaker. Consequently, it's a good idea to look for alternative ways to invest in the budding sector.
The Chevrolet Bolt EV (marketed in Europe as Opel Ampera-e) is a battery electric subcompact hatchback produced by General Motors under the Chevrolet marque. The Bolt was produced from late 2016 to mid-2021, subsequently restarting in early 2022, until late 2023. In mid-2023, GM officials said they would cancel the car, then three months later announced plans but no date for a next-generation model.The first generation was developed and manufactured with LG Corporation. Sales of the 2017 Bolt began in California in December 2016, it was released nationwide and international markets release in 2017. A rebadged European variant was marketed as the Opel Ampera-e in mainland Europe.In 2017, the Bolt was the second-best-selling plug-in car in the United States. It was named the 2017 Motor Trend Car of the Year, the 2017 North American Car of the Year, an Automobile magazine 2017 All Star, and was listed in Time magazine's Best 25 Inventions of 2016. The Ampera-e was discontinued after 2018. By the end of 2020, GM had sold 112,000 Bolt and Ampera-e cars worldwide.The first-generation Bolt has been subject to at least three recalls. At least 16 Bolts have caught fire, leading to a recall to fix or replace battery components and GM's August 2021 advisory to park in open areas, at least 50 feet (15 m) away from other vehicles.
The tesla (symbol: T) is the unit of magnetic flux density (also called magnetic B-field strength) in the International System of Units (SI). One tesla is equal to one weber per square metre. The unit was announced during the General Conference on Weights and Measures in 1960 and is named in honour of Serbian-American electrical and mechanical engineer Nikola Tesla, upon the proposal of the Slovenian electrical engineer France Avčin.
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