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The stock slide has coincided with a broader souring on electric cars more generally as demand for new EVs falters. Small US challenger Fisker has seen its shares plunge 99pc, while shares in Lucid Motors are down 94pc from their peak.
Windsor, the technology analyst, says Tesla’s valuation is “still silly”.
Regardless, it is a brave investor who bets against Musk. Its models remain the top electric vehicles by sales in the UK and the US. Its $60,000 cyber truck, with its retro-futuristic design, has enjoyed strong demand.
It will launch a luxury Roadster in 2025 to appeal to affluent buyers and it is rumoured to be working on a $25,000 car to compete with its Chinese rivals. Tesla could even begin advertising to drum up sales, an expense it has until now avoided entirely.
Importantly, Tesla’s sales figures for the first three months of 2024 show it leapfrogged BYD, reclaiming its title as the world’s largest EV seller that it lost over the Christmas period. BYD sold 300,114 battery-powered vehicles during the first three months of 2024, it said on Monday, below Tesla’s output.
Yet after years in pole position, Tesla faces a bumpy road ahead.
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