Tesla's Rough Ride: Challenges, Controversies, and the Road Ahead
Tesla's stock fell nearly 7% due to declining sales and doubts over its future under CEO Elon Musk. Mounting challenges, including reduced U.S. EV incentives, tariff pressures, and controversies, strain Tesla. Despite efforts to innovate with robotaxis, Tesla faces competitive pressure, particularly in China.
Shares of Tesla plummeted by nearly 7% in premarket trading on Thursday. The electric vehicle giant is grappling with declining sales and intensified scrutiny over its future under CEO Elon Musk, deepening investor concerns following yet another rocky quarter.
Musk has forewarned of "a few rough quarters" ahead for Tesla. Compounding its troubles, U.S. EV incentive cuts and tariff pressures add to the company's challenges. Tesla reported one of its toughest quarters in over a decade, highlighted by a second consecutive revenue drop.
The automaker is also dealing with slowing demand, particularly in China, and controversies around Musk's political views. As Tesla pushes its robotaxi ambitions and new initiatives, its stock is down about 18% this year, marking the steepest decline among the "Magnificent Seven" stocks.
(With inputs from agencies.)
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