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submitted 1 year ago by L4s@lemmy.world to c/technology@lemmy.world

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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[-] hudson@sh.itjust.works 94 points 1 year ago* (last edited 1 year ago)

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

[-] OutlierBlue@lemmy.ca 51 points 1 year ago

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.

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[-] Changetheview@lemmy.world 87 points 1 year ago

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.

[-] ScoobyDoo27@lemm.ee 56 points 1 year ago

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.

[-] lemann@lemmy.one 16 points 1 year ago

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@lemmy.world 13 points 1 year ago

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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[-] AA5B@lemmy.world 9 points 1 year ago* (last edited 1 year ago)

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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[-] evatronic@lemm.ee 9 points 1 year ago

Give it 5 - 10 years. Tesla will be a company that makes and maintains a charging station network and sells batteries to the other auto makers.

It's becoming increasingly obvious that they can't hack it in an automotive sales industry. Which is fine, frankly. I think battery manufacturing and charging network are pretty complimentary industries and provide a decent revenue stream into the future, License the charging tech to other automakers early and get some vendor lock-in going, and the company could be in it for the long haul.

They might even be able to keep making a couple EVs, to prove new charging or battery tech, much like how Google keeps making Pixel phones to essentially prove and market new Android features.

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[-] silvercove@lemdro.id 57 points 1 year ago

Good, the MAGA car company should lose value.

[-] mrgreyeyes@feddit.nl 17 points 1 year ago

The market is finally correcting itself.

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[-] rebelsimile@sh.itjust.works 53 points 1 year ago

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)

[-] andyMFK@reddthat.com 31 points 1 year ago

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

Or legal to sell in many US states of Europe.

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[-] uglyduckling81@lemmy.world 43 points 1 year ago

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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[-] zabadoh@lemmy.ml 39 points 1 year ago

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@lemmy.world 34 points 1 year ago

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

[-] Honytawk@lemmy.zip 12 points 1 year ago

Chinese quality has gone up in the last 20 or so years since they transitioned from poor to industrial country. You can't cling to the cheap knockoffs you buy on Aliexpress either.

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[-] kameecoding@lemmy.world 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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[-] TWeaK@lemm.ee 37 points 1 year ago

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

[-] kameecoding@lemmy.world 15 points 1 year ago

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

[-] TWeaK@lemm.ee 10 points 1 year ago

Twitter is a money pit circling the drain.

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[-] PatFussy@lemm.ee 32 points 1 year ago

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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[-] Grant_M@lemmy.ca 30 points 1 year ago
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[-] skymtf@pricefield.org 26 points 1 year ago

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@lemmy.world 29 points 1 year ago

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

[-] kameecoding@lemmy.world 11 points 1 year ago

It's okay to love cars, people have an issue with the Car being the only viable option in many places.

When I lived in Brno, which is at around 450K population in Czechia, I was going there by car, as in I drove from Slovakia to Brno, parked my car and haven't used it until I was visiting Slovakia again, I only used it when I went for a big shopping to the hypermarket that was at the outskirts of the city.

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[-] Diplomjodler@feddit.de 16 points 1 year ago* (last edited 1 year ago)

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@lemmy.world 29 points 1 year ago

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

Things are changing fast.

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[-] Aceticon@lemmy.world 19 points 1 year ago

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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[-] steltek@lemm.ee 16 points 1 year ago

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.

[-] CADmonkey@lemmy.world 10 points 1 year ago

I see more F150 Lightning trucks than I do model 3 cars, and this is in a red state full of people who are scared of electric vehicles.

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[-] rauls4@lemm.ee 23 points 1 year ago

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@lemmy.world 14 points 1 year ago

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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[-] cyborganism@lemmy.ca 14 points 1 year ago

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

[-] Kit@lemmy.blahaj.zone 12 points 1 year ago

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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[-] Tetsuo@jlai.lu 10 points 1 year ago

I see so much hate toward Tesla in this post and I assume it's mostly because of Musk.

But at the end of the day they are still the ones selling the most EV which I still believe is a good thing.

I'd rather people buy an asshole's EV than another polluting pick-up truck tbh. (I know EV are also creating pollution, no need to point this out ty).

The vast majority of EVs I see in the street of my french city are Tesla's. And I see a bit more everyday. And no matter how much I despise Musk, I still appreciate the fact that tesla is helping us move forward from combustion engines.

I don't really care if someone buys a Tesla just to show off. It's one less combustion engine on the road.

[-] pedz@lemmy.ca 16 points 1 year ago
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this post was submitted on 23 Aug 2023
649 points (97.0% liked)

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