Crown

He doesn't want any evidence in case he ever goes to trial   Sorry, been listening to a crime podcast the last few days and all my assumptions are sinister. 

But very likely correct these days…

We are only 100 days into 2023 and Tesla already issued the 5th price cut of this year. They really desperate for orders now.

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No thank you… I’m reminded of that VW commercial where the Beetle (sounds suspiciously like Christoph Waltz) says “what’s your hybrid sound like?”

Not sure Tesla is desperate, I actually think this is what Musk intended from the beginning...raising production, selling more cars, making parts cheaper for Tesla (the more they order with suppliers, the cheaper these parts get), lowering prices, finding more customers. 

I agree however that the competition is getting fierce for Tesla...I predicted this before. 
Tesla needs a new fresh design. As soon as possible.

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RC (Germany) - Rennteam Editor Lamborghini Huracan Performante (2019), BMW Z4 M40i (2022), Jeep Grand Cherokee Trackhawk (2019 EU)

I thought that Tesla has bad build quality. But I have changed my mind after we hade the first one and now we have three more.

In our company we had have Polestar 2 - Tesla 3/y is far better. We have tested VW ID.x - you can forget it. 

Audi e-tron (pre facelift) - nice build quality - bad range and efficiency bad.

BMW i4 - far to expensive.

I had even a deposit for Lucid air dream edition (for me, not for employees) - after an intensive test drive I canceled my reservation - for 100.000 € cheaper the Plaid does it even better.

Tesla is going right now for market dominance rather than for profit. It seams that he has the tools for that. 

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AM

A bit too late in the game for Tesla to try and go for market dominance. 

They HAD the market all for themselves for the longest time. They did it via being first to the market. But now with all the competition coming in, cutting price is the only tool they have left to try and retain market share, consumers have options now, they don't have to buy a Tesla if they want a EV.

Range and efficiency isn't the only metric for EV anymore. All modern EVs have adequate range for 95% of the consumers, and they all can be charged at home and be full in the morning if one is able to. Tesla's only advantage was the Supercharger network, but with the EU and the Americans making them opening up their network to others, that advantage has vaporized also.

There are cheaper and better equipped EVs from Hyundai group, there are more luxurious EVs from the Germans or even Lucid, there are faster more capable EVs from Porsche. They don't have a truck yet so Ford and Rivian are by default trumping Tesla in that segment. GM's truck EV are just around the corner, they should arrive even before the Cybertruck. For a small city runaround EV, there is the Mini EV, Tesla's aren't even in that segment. 

There isn't one area that Tesla is the leader right now, they are the also ran at the moment, just one of many choices, not the only choice. People are voting with their wallet, everyone else's market share are growing except Tesla. 

 

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Have not been watching this site - now I remember why.

Why isn’t everyone jumping in and agreeing with all of the above?  Even one of the paragraphs? Even a sentence? 

I think Nick is right. Tesla is now surrounded by competitors, many of whom have far more experience at building cars. And Elon looks like more of a liability then a benefit these days.

mcdelaug:

I think Nick is right. Tesla is now surrounded by competitors, many of whom have far more experience at building cars. And Elon looks like more of a liability then a benefit these days.

That’s been the sentiment here for years; however, a handful have remained in denial.  

Leawood911:

Have not been watching this site - now I remember why.

Why isn’t everyone jumping in and agreeing with all of the above?  Even one of the paragraphs? Even a sentence? 

 

Hmm, hmm, oops for you?

Your Lex Luthor really isn't god you know?

There is a difference between stating the truth vs repeating propaganda from a cult leader. Nothing I wrote is not true. Tesla is losing market share, Tesla still hasn't has a EV truck, Hyundai & Co has been eating away at the low end of the EV market and Tesla hasn't been able to crack the top end to break out from Mercedes and Porsche. Ford's Mach E has been the good enough car against the Model 3/Y for people to switch over in Tesla's own segment. And Lucid's offerings are offering longer range and faster acceleration and more HP rating. I purposely left off the 'autonomous' side of things as that makes Tesla look even worse, they can't even get level 3 certified while Mercedes did, and Ford and GM's have better level 2 driver monitoring. 

It's ok if you want to go back to your hiatus and come back again a while later after the heat die down a bit, no one missed a beat here while you were 'gone' anyways.

 

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Leawood911:

Have not been watching this site - now I remember why.

Why isn’t everyone jumping in and agreeing with all of the above?  Even one of the paragraphs? Even a sentence? 

Welcome back 

Alleged leaked image of the new Model 3

https://insideevs.com/news/661999/us-electric-car-sales-feb2023/

Total EV sales expanded by 67% from Jan-Feb 2022 to Jan-Feb 2023 to ~165,000 cars.

But Tesla's market share dropped from 72% to 58% in only one year. 

Tesla only gained 35% extra sales even as the segment exploded. Their competitors have a sales increase of 151% in the same period. 

Who was the one here that deny Tesla is losing market share again?

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Is it because they had no cars to sell before and now they do?  Tell me if 58% market share is good or bad. Any of the ICE brands have that share of ICE. Now tell me if any of them are profitable with their EV cars?  Can they match prices in a price war?  Do they have a bit of inventory making them nervous as Tesla cuts prices?  So many details that look really ugly. 
I would not recommend a car to my friends based on Tesla losing market share. Though I see you are personally not afraid of buying up all other EVs to help and to steer your perfectly good friends into the same dead ends. To make a really really weak point again and again.  
Mine just hit 50k miles. Zero issues. One refill of washer fluid and new pilot sports. Estimate electrical spend at $700. Hardly a grid concern in three years. Yet I don’t try to convince anyone to buy one here. Just that you need to see for yourself and ignore the FUD. 
Just a few minutes of this and I’m going to need another 2 month break. Plaid is on order. Keeping the model3 forever. 
 Cheers

I am sorry but Tesla is making more cars than they can sell, inventory is piling up since last year. One reason why they have to cut price in order to move them.

That fact is widely reported in the financial sector and automotive sector, please take your head out of the sand. 

No one is saying Tesla is dying. Everyone is just stating facts, facts that Tesla has more cars stockpiled than they can sell and they are losing market share quickly even in an expanding market. Literally I have been reporting the stockpile since forever. They have a yard full of them here not 20 mins from where I live and I drive by that yard at least once a week to go somewhere. Physical proof. 

Others living in California also drive by the factory and reports piles of car in the yard, that wasn't there before. In the good o days when Tesla was selling everything, that factory yard is empty. 

 

 

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Enmanuel:

Alleged leaked image of the new Model 3

 

I wonder if the 'wonderful' OTA updates from Tesla will magically update all Model 3s to this look?

Maybe Tesla has used magical plastics that can transform its shape from the OTA commands. 

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Whoopsy:

I wonder if the 'wonderful' OTA updates from Tesla will magically update all Model 3s to this look?

Maybe Tesla has used magical plastics that can transform its shape from the OTA commands. 

I wouldn't be too hard on Tesla about their Over the Air updates.  In my family's experience, they actually work!, while Porsche's are meh.

I like the driving experience of my Taycan somewhat better than my wife's Model S, but her experience with downloadable updates is VASTLY superior to Porsche's.   And, my wife's previous Model S (now owned by my daughter's family) still receives updates that continue to make it current, even with old 2012 hardware.  My 2020 Taycan could NEVER be brought up to speed with its launch telematic hardware, even with 7-10 hour dealer-installed firmware updates.  It took different MY2023 electronic hardware to vanquish the livability horrors with which I dealt for 2 1/2 years.

I almost left the Porsche EV sphere altogether (for good) over the daily driving bugaboos to purchase my own Tesla. 

The legacy ICE manufacturers have plenty of experience making car bodies, but are suffering from their own incredibly steep learning curve trying to adapt ancient management habits to the EV age.

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Mike

918 Spyder + 992 GT3 Touring + Taycan Turbo + Tesla Roadster 1.5 & Model S P100D AP2 + BMWs (Z8 + 3.0 CSi) + Bentley Arnage T

Yeah I know Tesla OTA actually works, Mike had said plenty about it. But those 'new' functions should have been included in the launch car in the first place is my view. 

Porsche updates sucks, that's universally known also. They still having trouble deciding what their iPhone app can and cannot do. They are definitely lacking behind, even my Ford app works better. Way better actually. 

Ford also have OTA updates, and made a big deal out of every update. They are mostly UI related however. Like, they finally decided to display the actual battery charge percentage on the dash, which should have been there to start off with. 'New' function 'added' means I can finally use the scroll wheel to change temperature and seat heating setting, which should have been there in the first place also. Little things. 

Porsche's OTA break things. It lost my car on the Porsche Connect app. and because my original Porsche Car Connect account was an American Vodafone account, I was the first to sign up with the 918 9 yrs ago, and they have since started a Vodafone Canada account fro Porsche Car Connect, my cars see jumping between the 2 and keep losing connections and I have spent the last 4 months working with Porsche Canada and Vodafone to try and fix their problem.  Still not done. 
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Volkswagen introduced its new ID.7 today.  While the car appears somewhat bland, it is not the polarizing design of the Hyundai Ioniq 6. Technology seems to have gained over previous Volkswagen EVs and the recent model push by the traditional automakers makes the road more difficult for Tesla. https://youtu.be/jX-jPOCCH5o

One knows Tesla is in serious trouble when Elon has to come on to give excuses during earnings calls, when he had been skipping. 

His whole life is being supported by TSLA prices after all. 

 

 

 

 

Tesla profits, gross margin fall in Q1 

Tesla CEO Elon Musk's plan to ride out a possible recession with price cuts and lower production costs was not enough to make up for strained consumer spending on big-ticket items.

Tesla missed market estimates for first-quarter total gross margin on Wednesday, throttled by a series of aggressive price cuts meant to spur demand in a sagging economy and fend off rising competition.

The EV maker's net income during the latest period dropped 24 percent to $2.51 billion. 

Tesla reported total gross margin of 19.3 percent, compared with expectations of 22.4 percent, according to analysts polled by Refinitiv.

Excluding items, Tesla reported a profit of 85 cents, in line with estimates.

Tesla said profitability was also weighed down by higher raw material, commodity, logistics and warranty costs as well as outlays to ramp up ouput of 4680 battery cells, while it faced margin headwinds from the underutilization of new factories.

Deliveries of higher-priced Model S and Model X vehicles also slumped from the previous quarter, it said.

The electric-vehicle maker lowered sticker prices four times in the United States between January and March, sacrificing industry-leading margins to maintain dominance in the U.S. and catch up with rivals in China — its second-largest market.

But a murky economic outlook meant that Tesla CEO Elon Musk's plan to ride out a recession with price cuts and lower production costs was not enough to make up for strained consumer spending on big-ticket items. Tesla deliveries in the first quarter rose 4.3 percent from the fourth quarter.

The company reported first-quarter revenue jumped 24 percent to $23.33 billion, just below a consensus estimate of $23.21 billion, according to 14 analysts polled by Refinitiv.

Tesla CFO Zachary Kirkhorn promised in January that Tesla would not go below margins of 20 percent and an average selling price of $47,000 across all models.

Tesla said its operating margin was 11.4 percent in the three-month period, down from 16 percent last quarter and 19.2 percent a year earlier. The carmaker downplayed concern about recent price cuts, saying its operating margins fell “at a manageable rate.”

The company has slashed prices several times in the United States, China and other markets since late last year, as Musk said Tesla could sacrifice its industry-leading margins to drive volume growth during a recession.

Analysts say, however, that Tesla may need to cut prices further, pressured by an ongoing price war, especially in China, and to prop up demand for its aging linup of models even as new factories in Berlin and Texas churn out EVs.

In the United States, where federal subsidies have recently boosted sales only modestly, Tesla has cut car prices six times so far this year, which has dragged on automotive gross margins. It has also expanded price cuts in Singapore, Israel and Europe. The price cuts helped drive sales of the Model Y in Europe, leaving it poised to be the overall top-selling car for the first quarter by a large margin.

"We also suspect Tesla's decision to consistently cut prices will prove a headache to competitors," Canaccord Genuity analyst George Gianarikas said in a note to investors. "While Tesla's industry leading margins will likely be sacrificed in the near term (as articulated on the company's fourth-quarter 2022 earnings call), many EV competitors are struggling to turn a profit."

Shares of the Austin, Texas-based automaker fell nearly 4 percent in trading after the bell.

Tesla on Wednesday reiterated that it expects to achieve deliveries of around 1.8 million vehicles this year.

The EV maker has previously said that logistics issues have caused it to deliver far fewer EVs than it makes. In the first quarter, it delivered about 18,000 fewer cars than it made.

Link: https://www.autonews.com/mobility-report/tesla-q1-earnings-net-income-gross-margin-fall

That $0.85 a share profit is non-GAAP, aka fudged. The GAAP profit is $0.73 a share, quite a big difference. 

While regular folks could tell the difference and think they did match, Wall Street saw through that and punished the stock accordingly. 

Profit is also getting inflated by the regulatory credits, some $512mil, and also the countless 'payments' for FSD, which they have yet to fully delivered. Those FSD money are literally pure profit that again inflated the bottomline. 

 

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How big is inventory?

wantone:

How big is inventory?

 

Still a lot full of Model 3s and Ys at the lot near my home. 

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Tesla’s market valuation is quickly heading towards values associated with traditional automakers. It didn’t help matters when the company started slashing prices trying to start a price war and Musk publicly stating he is willing to cut margins to zero to gain market share. Tesla market value plummets $143 BILLION in just 26 days after poor EV sales By Stacy Liberatore For Dailymail.com and Reuters 12:50 EDT 26 Apr 2023 , updated 12:57 EDT 26 Apr 2023 has lost $143 billion in market value in the last 26 days as has announced aggressive price cuts and failed to hit predicted first-quarter delivery rates. The company has cut prices seven times this year, with the latest being the Model Y that is now cheaper than the average US vehicle - it now costs $46,990, $759 less than the typical car or truck. And the previous cut was the $62,990 Model 3, which saw a $22,000 decrease. Tesla was also expected to deliver 432,000 vehicles for the quarter, but fell short by more than 9,000 units. The aggressive cuts and low first-quarter delivery rates likely sent the company's stock plummeting from $207 on March 31 to $160.67 when the markets closed Tuesday. It currently sits at $155.42. The dramatic drop in stocks also comes as major Tesla investors penned an open letter to the board of directors, on a short leash. Tesla's stocks saw a dramatic drop from March 31 to Tuesday. This led a market valuation loss of around $143 billion - dropping it from $657 billion at the end of last month to around $513 billion Tesla's stocks saw a dramatic drop from March 31 to Tuesday. This led a market valuation loss of around $143 billion - dropping it from $657 billion at the end of last month to around $513 billion Last week, the company posted its lowest quarterly gross margin in two years, missing market estimates, as it slashed prices aggressively in markets including the United States and China to spur demand and fend off rising competition Managing Director at Wedbush Securities Dan Ives told DailyMail.com: 'The price cuts on Model Y/3 have been aggressive over the last month, which is near-term margin pain for long-term demand gain. 'The Street is worried about this strategy with a price war breaking out in Tesla’s core China market, which has weighed on shares after a meteoric start to the year. 'We believe Tesla shares are oversold here, and this will be the comeback kid into the rest of 2023 as EV demand ramps and prices stabilize for Musk & Co.' The plummeting stocks caused the $143 billion loss in value for investors, reports. And this saw the market valuation fall from $657 billion at the end of last month to around $513 billion. Tesla slashes prices due to lower demand for its vehicles - a move Musk has touted to boost sales. Earlier this month, Tesla reported modest quarter-on-quarter sales growth despite price cuts as rising competition and a bleak economic outlook weighed. The company delivered 422,875 vehicles for the first three months of this year, up four percent from the previous quarter. And this was 36 percent higher than a year ago. Tesla reduces the price of its Model Y, making it cheaper than the average US vehicle. The starting cost is now $46,990, $759 less than the typical car or truck, and is the sixth time Tesla has reduced EV prices this year Tesla reduces the price of its Model Y, making it cheaper than the average US vehicle. The starting cost is now $46,990, $759 less than the typical car or truck, and is the sixth time Tesla has reduced EV prices this year The dramatic drop in stocks also comes as major Tesla investors penned an open letter to the board of directors, demanding they keep 'overcommitted' Elon Musk on a short leash The dramatic drop in stocks also comes as major Tesla investors penned an open letter to the board of directors, demanding they keep 'overcommitted' Elon Musk on a short leash According to a mean of estimates compiled by FactSet as of Friday, Wall Street was expecting Tesla to report deliveries of around 432,000 vehicles for the quarter, the Wall Street Journal and CNBC reported. Tesla delivered six percent more of its mainstay Model 3 and Model Y vehicles in the first three months of this year than in the previous quarter. But the number of deliveries for its higher-priced Model X and Model S vehicles slumped by 38 percent. READ MORE: Tesla buyers storm showrooms across China after company announces surprise price cuts Footage shows crowds of angry car owners swarming Tesla distribution centers in several Chinese cities, including Shanghai, Beijing, Shenzhen, Chengdu and Xi'an, as they demanded a refund. The reduction of Tesla's Model Y and other models this year is not sitting well with investors. Jefferies on Wednesday downgraded Tesla stocks to Hold from Buy after the EV maker warned on the last week’s earnings call that it is likely to continue cutting prices to boost demand for its products, reports. Jefferies also cut its estimates for 2023, now expecting Tesla to deliver 1.79 million units with an average selling price of $46,000. Tesla bull Gary Black of The Future Fund LLC recently told CNBC’s : 'I just think the whole price cuts they put in place don’t make a lot of sense… Every time they cut prices on Model Y by $1,000, it’s costing them $500 million. 'And really, what they need to do to continue to drive EV adoption is to teach people why an EV is better.' The open letter shared this month from investors states they believe Tesla, as its currently being run, is 'jeopardizing its long-term value' taking 'substantial legal, operational and reputational risks and are concerned with Musk's involvement. 'Tesla appears to be embracing a broader culture of being 'above the law,' they wrote, according to CNBC, citing several lawsuits that accuse them of racial discrimination, sexual harassment, unsafe working conditions and union busting. 'Instead of working to address problems with regulators, CEO Musk has made derogatory tweets and comments, fueling tensions,' they added, referring to Musk as 'over-committed' between multiple companies. Kristin Hull, one of the shareholders who signed the letter, said: 'We want to see the board take their job seriously - we don't see them doing a good job at being Elon Musk's boss.'

Moderators, for some reason the above article didn’t post properly and was duplicated in the posting process. Please remove. Thank you.

CGX car nut:
Moderators, for some reason the above article didn’t post properly and was duplicated in the posting process. Please remove. Thank you.

 

Done 😉

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Thanks. Something weird is happening with the forum, as it appears on my side. However, in other Tesla news, Tesla attorneys at trial suggest that some of Musk’s statements on Autopilot were deep fakes. https://electrek.co/2023/04/27/tesla-elon-musk-self-driving-deep-fakes/ Look for the market cap to continue its decline.

One of my friends walked into Tesla and bought a Model Y for the wife.

It came with one Model Y door sill plate and one Model 3 door sill plate.

Makes you wonder what kind of people is working at the Tesla factory. Do they even do quality control?

 

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