Market Pressures On Tesla Mount As Attitudes About Musk Sink

Perhaps as early as today, Tesla will announce how many cars it delivered in the first quarter of 2024. Most analysts expect those numbers to be disappointing. “It’s death by 1,000 cuts,” Karl Brauer, an analyst with. Musk “has never had a demand problem, but over the past year-plus, there has been increasing indicators that he’s producing more cars than the market wants.”

Recently, the company has rolled out the latest versions of its Full Self Driving software and Musk has directed his delivery personnel to take all new owners on ato familiarize themselves with what it can and cannot do, and to reinforce what their obligations are when the system is active. “Going forward, it is mandatory in North America to install and activate FSD V12.3.1 and take customers on a short test ride before handing over the car,” Musk wrote in an email to his staff recently.

Economic fears, the lack of affordable new models, and rising competition from cheaper rivals like BYD have also been cited by Wall Street analysts as putting pressure on Tesla. Overall, electric vehicle sales in the US are projected to increase 15 percent in the first quarter of this year. However, Tesla sales are projected to increase by just 3 percent according to Cox Automotive. “The EV slowdown is shaping up to be a Tesla slowdown,” said Cox analyst Stephanie Valdez Streaty.

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