Tesla has reduced its electric vehicle production at its Shanghai factory by 23% amid intense competition in China, the world's largest automobile market, leading to a significant drop in Tesla's stock. This move, seen as a response to the mounting pressures including a Chinese recession, has highlighted the company's demand challenges in China. Reports indicate that Tesla, valued at $250 billion and facing an 'Elon Musk Problem', is up against stiff competition from homegrown companies like BYD Co., and other manufacturers producing more affordable and technology-rich vehicles. Additionally, China's control over critical minerals such as nickel and advancements in battery chemistries like lithium-iron phosphate pose further threats to Tesla's market position. Furthermore, China has banned Tesla EVs in specific parts of the mainland, citing security challenges, which adds to the company's woes in the country.
Tesla challenger Fisker, flirting with bankruptcy, gets design award and scathing review in same week. https://t.co/GNaiTljVQm
“Elon Musk’s carmaker is up against increasingly stiff competition in China, not only from homegrown competitor BYD Co., but from a raft of other EV manufacturers churning out more affordable and tech-laden vehicles.” https://t.co/V1g0CdFsjK
Elon Musk’s $250 billion Tesla losing streak takes another lurch downward on reports of a production cut at his China plant. https://t.co/WNlxr0sAdG
China bans #Tesla EVs in specific parts of the Chinese mainland. The reason explains why China’s own EV production is a potential security challenge to the world. #BYD https://t.co/xppIN5UcBB
No way to spin cutting production in China. The Chinese recession is definitely having an effect on several companies. Tesla is one of them. $TSLA #Tesla $AAPL
As Tesla reportedly cuts production at its China plant, here's a look at why the company is having so much trouble in the country https://t.co/P0vMiznid9
Tesla (TSLA) stock drops on report it is reducing EV output at Giga Shanghai https://t.co/MRUGy5vGFL by @fredericlambert
March 22, 2024 Tesla 23% “trim” in Shanghai factory production revealed today. Yep, on schedule. https://t.co/qEcrqBuhAs https://t.co/E6sEX5rjKs
Tesla’s stock pressure builds as report suggests continued China demand woes https://t.co/X2gYjQ8yyK
Tesla shares extend slump as China move highlights key demand risk https://t.co/k8uIQYtoqP
Tesla Stock Is Falling. Demand Is the Problem. https://t.co/xppyyTHpO5
Tesla $TSLA stock drops on report it slashed China factory output https://t.co/1uWoPJzjSe https://t.co/yyNXTAL20j
Tesla reduces electric car production at its plant in China amid intense competition in the world’s biggest automobile market https://t.co/MZ4oTuYain
“China's EV & parts makers pose more of a threat than 🇯🇵predecessors. First they hold sway over crit minerals like nickel. Second they're at cutting edge of popular🔋chemistries like lithium-iron phosphate,which accounted for 1/2 the mkt for EV🔋in 2023” https://t.co/WR1jd8KxGQ
Tesla Seems to Have an Elon Musk Problem https://t.co/D2xAAC422t