Tesla is running up against BYD China's rapidly growing EV maker that now matches it's annual production. No other EV maker is in the same league or provides the same competitive threat (not EU, Japanese or S Korean manufs).
At the same time, the public is realizing that for most drivers Hybrids probably are the better option. This occurs while Hybrid tech is continuing to improve rapidly especially for plug in options.
Finally, plug in Hybrids are far more environmentaly friendly than pure EVs as their smaller battery packs don't have the giant carbon footprint to manuf.
Tesla slashed car prices again — this time in Europe
Consumers around the world increasingly do not want to pay full price for Teslas, once the leader of the EV market
By Michelle Cheng, Quartz Media
Jan 17, 2024
Tesla has slashed prices of its Model Y Long Range and Model Y Performance in Germany by €5,000 to €49,990 ($54,340) and €55,990 ($60,583), respectively. The price cuts follow similar ones made in China on the Model 3 and Model Y about a week ago.
Once an early leader in electric vehicles, Tesla is facing growing competition not just from the EV market in China but now an increasingly competitive one in Europe.
In Germany, Volkswagen surpassed Tesla in EV sales in 2023, registration data from the country’s Motor Transport Authority (KBA) released on Tuesday showed. Meanwhile, BMW, headquartered in Munich, Germany, now generates the most sales growth from EVs, the automaker’s chief financial officer said in an interview with Reuters this week. This all comes as carmakers are facing pressure from EU regulatory deadlines on banning the sale of new gas-fueled cars.
To add to that, Tesla said it will suspend most car production at its factory near Berlin from Jan. 29 to Feb. 11. The US-based automaker cited a lack of components due to attacks on shipping in the Red Sea, which had been disrupting delivery routes for companies like Ikea and Maersk.
Tesla is in a fierce price war in China
Tesla has been discounting EVs in China for the last year. In 2022, China’s EV giant BYD, counting both full electric and plug-in vehicles, dethroned Tesla as the world’s biggest seller of EVs. Then, in the fourth quarter of 2023, BYD beat Tesla in electric car sales.
That said, Tesla still earns more money on each car than any other global competitor.
BYD has a slither of a presence in Europe, commanding only 0.1% market share in November, according to data cited by Automotive News Europe. Still, Tim Urquhart, a principal automotive analyst at S&P Global Intelligence, said that competition in European markets will increase as more Chinese automakers enter the EV space in the region.
Are more robotics and AI in the future of Tesla?
On Monday, Elon Musk, the CEO of many companies — X, SpaceX, and Tesla —said that he wants more control of Tesla, after selling off 22 million shares of the company to raise cash to buy Twitter (now X), a decision that reduced his stake in Tesla from 17% to about 13%.
“I am uncomfortable growing Tesla to be a leader in AI & robotics without having ~25% voting control. Enough to be influential, but not so much that I can’t be overturned,” he said on X.
More generally, Tesla has been hurt by macroeconomic trends, like rising interest rates and issues specific to Tesla — including being accused of not paying enough attention to the company while it faces a wide range of challenges.
Tesla stock is down 13.64% so far this year.
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