Tesla Hit Refresh on Its EVs. It Didn't Work.
Vehicle deliveries haven't cracked 400,000 for two quarters in a row, and once again missed a much-reduced forecast.
Buy me.
Photographer: David Paul Morris/Bloomberg
Forget Tesla for a moment. Just imagine an anonymous company with the following characteristics. Sales of its main product suddenly stopped growing over a year ago and are down 13% so far this year. Its last big product launch bombed. It reiterated plans for new lower-cost versions of its product as recently as three months ago, and they then didn’t materialize. The chief executive dove head-first into divisive political activities that alienated customers and then picked a fight with the US president and his party. Having promised a revolutionary new automated product for a decade, missing repeated deadlines, the company finally launched a limited, somewhat automated pilot that looks years behind the competition.
Would you pay 140 times earnings to own a sliver of that?