The horror start to the year for Elon Musk’s carmaker has continued with its latest results shocking Wall Street and wiping billions off its value. His antics might be playing a big role.
Tesla has regained its position as the world’s biggest seller of electric vehicles. Not only may that title be short-lived, but it’s a hollow victory anyway.
BYD did disclose a big surge in sales in March, so the softness in the first two months might be attributable to the Lunar New Year celebrations . The release of the March quarter sales numbers drove Tesla’s share price down 5 per cent, taking their slump this year to more than 36 per cent. A company valued at $US1.3 trillion in late 2021 now has a market capitalisation of “only” $US530 billion, with Tesla no longer among the top 10 S&P 500 stocks.
While the $88 billion of incentives to buy EVs that were in place between 2016 and 2022 have been phased down, earlier this year Beijing created a new four-year scheme that exempts vehicles from up to $6500 of sales tax this year, albeit reducing to $3200 in 2026 and 2027.
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