Tesla’s stock value is going down in 2024, dropping by 37% this year. This means the company is worth less. They also had to cut some jobs, which shows their growth is slowing down.
It all started when Tesla said fewer people were buying electric cars in October. Then, in the first quarter of this year, Tesla sold fewer cars than expected. Now, they’re focusing on making self-driving taxis instead of cheaper cars, which worries investors.
Some key people leaving and more job cuts made things worse. Unlike other car companies, Tesla is under more pressure because people think it will lead the electric car industry.
Even though making self-driving cars is important for Tesla’s future, making cheaper cars is important for right now. But they have competition from companies like BYD Co., which sells cheaper electric cars and has sold more than Tesla.
Investors are waiting to hear why Tesla is changing its plans when things are uncertain.
