this post was submitted on 23 Aug 2023
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Tesla's value plunged nearly $200 billion since mid-July – and the EV maker faces a bumpy road ahead::Tesla shares closed Tuesday at just over $233, well down on their 2023 peak of $291.

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[–] [email protected] 133 points 1 year ago* (last edited 1 year ago) (20 children)

maybe they should focus on making a decent product instead of manufacturing bs

[–] [email protected] 71 points 1 year ago (3 children)

Well Musk is spending most of his time breaking Xitter lately so maybe the Tesla guys can get some good stuff done while he's distracted.

[–] stevehobbes 47 points 1 year ago* (last edited 1 year ago)

Probably not. Tesla is very dysfunctional as an org. He flattened it so much, and hasn’t appointed a real leader, while he’s distracted I bet they’re basically in a holding pattern.

He motivated them by setting insane goals then driving them insanely hard and sleeping in the office and shit.

If he’s not doing that, the company is, pardon the pun, on autopilot. Watch out for stopped emergency vehicles.

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[–] Changetheview 107 points 1 year ago (30 children)

Setting aside anything related to Musk, Tesla really doesn’t seem to be staying competitive.

Cybertruck (and the “indestructible” window press conference) is probably the easiest example. Years of attempted hype that haven’t paid off in a meaningful manner, while rivals have been releasing in-class competition. Anyone can see that’s a problem.

Tesla cars used to be pretty revolutionary, now they’re in an entirely different era that’s filling with exciting EV alternatives around every corner. Yet Tesla style still looks the same. The shoddy construction is still around and becoming more widespread knowledge. They’re failing to attract their target audience due to a long series of missteps. More problems.

Not to mention that Tesla was downright overpriced at its height. It’s a fraction of the volume yet made other automaker valuations look minuscule. The logic for that was never there.

[–] [email protected] 65 points 1 year ago (5 children)

Besides Musk…it’s the fact they are still using the same design from 10+ years ago. When I see a tesla, I can’t tell the difference between the S & 3 or the X & Y. They made one car and scaled it in their software. All 4 cars are due for a redesign and they don’t need to all look identical. And they need to figure out how to actually assemble them without being shit.

[–] [email protected] 18 points 1 year ago (2 children)

Model S3xy? Why Elon, just why...

The model X looks like an inflated model 3 IMO, the first time I saw one IRL it looked kinda hideous

[–] Wrench 14 points 1 year ago (3 children)

I'm not a car guy. There happened to be a tesla showroom at the mall (wtf?) I was at with some coworkers for lunch, and one of them was dying to look at the new model X, so we made a detour. It was the first tesla I sat in.

I couldn't believe how cheap and tacky it felt. Everything was plasticy, leather felt like pleather. The giant tablet just seemed unnecessary and gaudy.

The tech was cool and all, but I couldn't believe this was what everyone was talking about.

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[–] reddig33 12 points 1 year ago (1 children)

Cybertruck is a symptom of poor leadership. Maybe after it flops, Tesla will clean house.

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[–] AA5B 11 points 1 year ago* (last edited 1 year ago) (1 children)

While I agree Cybertruck may have jumped the shark, I recently noticed …. After years of GM saying cylindrical batteries are not practical and pouch batteries are the only way to go, and Ultium is more advanced than anything Tesla has …. They’re redesigning EV models early to switch to cylindrical batteries like Tesla

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[–] DingoBilly 78 points 1 year ago (7 children)

Such a remarkably overvalued company. I'd be surprised if it's still around in a few decades. Feels like they're the MySpace of today - they're big and have first mover advantage but have nothing interesting down the line and newer companies will and are supplanting it.

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[–] [email protected] 58 points 1 year ago (29 children)

Good, the MAGA car company should lose value.

[–] [email protected] 17 points 1 year ago (1 children)

The market is finally correcting itself.

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[–] [email protected] 55 points 1 year ago (28 children)

Teslas are boring. There are only 4 of them and they all look the same. (And the cybertruck is an abomination, sorry if you’re going to buy one; good luck surviving all the steel balls people will be throwing at you)

[–] [email protected] 30 points 1 year ago (2 children)

Nobody is going to buy a cyber truck because they will never be mass produced

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[–] uglyduckling81 47 points 1 year ago (2 children)

It was never worth the stupid value it was pumped up to. Why do you think Elon has been dumping so much of it.

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[–] [email protected] 40 points 1 year ago (6 children)

The moment those Chinese EV startups enter the US market, Tesla will be in real trouble if they don't have their product quality image problem fixed by then.

It'll be like Detroit's Big 3 automakers tanking when small fuel efficient Japanese cars landed in the 70s oil crisis.

Assuming those Chinese EV companies don't have their own quality problems...

[–] Edgelord_Of_Tomorrow 36 points 1 year ago (7 children)

Chinese EVs absolutely have quality problems, but they are half the price. Tesla's are sold at luxury prices with third rate QA.

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[–] kameecoding 11 points 1 year ago* (last edited 1 year ago)

Tesla is already in trouble.

Hyundai Ioniq 5/6, Kia Ev6.

VW ID line.

Ford F150 Lightning.

Those are the things that will absolutely decimate Tesla's market share. Known brands that can actually put together cars without basic issues like Panel gaps and paint issues.

Ones that reject the absolutely dangerous and moronic UX of putting everything onto a big screen instead of having physical buttons.

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[–] [email protected] 37 points 1 year ago (1 children)

Elon Musk financed about $20bn into the Twitter purchase by selling Tesla stock.

[–] kameecoding 15 points 1 year ago (2 children)

despite the 200b drop in tesla, those 20bn probably still would be worth more than the Twitter stocks he owns now.

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[–] [email protected] 32 points 1 year ago (3 children)

I dont get how this is news. Teslas market cap was already higher than all the other car makers combined while only producing a fraction of the vehicles. Everyone knew that this stock wasnt a value stock. Where is the news

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[–] [email protected] 30 points 1 year ago (3 children)
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[–] [email protected] 27 points 1 year ago (2 children)

I'm surprised this isn't just because of there being more competitors to Tesla like rivian. Tbh though I dislike cars, I just have to use them sadly.

[–] DietBajaBlast 29 points 1 year ago (2 children)

I love cars, and I know that goes against what I’m supposed to say here.

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[–] [email protected] 17 points 1 year ago* (last edited 1 year ago) (6 children)

There aren't any. By volume Tesla is still the biggest EV maker by far. The competition is nowhere close to catching up. If they screw up the launch of the Cybertruck, they'll really be in trouble, though. Also, the valuation is to a large degree based on the promise of full self driving. That seems to be an increasingly distant prospect, though.

[–] Ghostalmedia 29 points 1 year ago (14 children)

But Telsa’s market share has dropped from 79% to 62.4% in 2 years.

Things are changing fast.

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[–] Aceticon 19 points 1 year ago (3 children)

Yeah, but the silly Tech Startup kind of market valuation with the associated crazy P/Es (justified by "we will take over the whole industry" kind of justification) that made them more valueable than all US automakers combined (not just the EV auto-segment, everything) is dissapearing.

Their valuation reflecting the size of their market share (in the entire auto-market, not just EVs which are still a minority of sales) and growth direction (growing mainly due to the EV segment growing and don't seem to be in line to dominate the whole auto-market as EVs take over) means a massive fall from the fantasy "we'll take over the world" valuations.

Mind you, it's happenning more generally in the whole Tech segment as the end of free money which was used in leveraged stock investment is wiping out all the investment strategies based on wild and fantastical claims of "future prospects" and on finding greater suckers.

It's probably not even a fall due any worst numbers or concrete prospects for Tesla: the collapse of the massive stock price premiums (judging by the P/Es in Tech vs those in the wider market) for "future prospects" in the whole of the Tech industry, would definitelly pull Tesla's stock price down hard because Elon's main business "strategy" has always been to frame his ventures as Edgy Tech in order to reap such premiums and he definitelly went hard on it with Tesla.

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[–] [email protected] 16 points 1 year ago (1 children)

Hasn't the F-150 has already preemptively destroyed the Cybertruck? I suppose most people driving pickups don't actually need a pickup's functionality. They're just told they need a pickup so that's what they buy.

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[–] [email protected] 26 points 1 year ago (1 children)

Maybe anecdotal but I bought a Kia EV6 over a Tesla because of Musk and CarPlay support. I know I can’t be the only one that took that into consideration.

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[–] anewbeginning 21 points 1 year ago (6 children)

They went to the stock chart, picked the latest peak, and wrote the article of doom. It's down 20% a year ago, but up 20% for the last 6 months, and up 119% YTD.

Not that Tesla doesn't have its ills or seems to be stagnating, but picking points in a chart is a feeble argument.

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[–] [email protected] 14 points 1 year ago (7 children)

Maybe the investors should all vote on kicking Elon out of the company.

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[–] [email protected] 13 points 1 year ago (3 children)

To put this in perspective, Tesla's stock price has still more than doubled since the beginning of the year. They're doing just fine.

The past few weeks have been rough across the market. I suspect the reemergence of COVID has played a factor.

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