by Mitchell Hartman
Tesla has struggled to ramp up production of its new Cybertruck, which faces a safety recall. And as consumer demand for EVs has slowed, Tesla has cut prices, hurting profit margins. Meanwhile, the global EV market that Tesla once dominated is now crowded.
“There is quite stiff competition, and Tesla is being squeezed on both ends,” said Gernot Wagner at Columbia Business School.
At the low end, Wagner said China’s BYD is cranking out workaday EVs for under $20,000.
“On the high end there are dedicated EV companies like Rivian,” he said. “Porsche — you can buy literally a $100,000 vehicle by a company that consumers trust.”
Quoted in: “What to expect from Tesla ahead of quarterly results” by Mitchell Hartman, Marketplace (23 April 2024).