When Tesla releases its first quarter earnings this afternoon, the company’s CEO Elon Musk will field the usual questions about new products, new factories, and progress toward its futuristic vision of self-driving cars and robot workers. But Musk will also face increasingly urgent questions about its current state of affairs — and why everything seems to be going to shit.
Earlier this month, the company reported its first year-over-year sales drop in four years, a sign of rougher waters ahead. Tesla’s stock has fallen more than 40 percent since the start of the year, including a 13 percent drop in the last week. The company laid off over 14,000 employees last week, 10 percent of its global workforce — which could end up being closer to 20 percent when all’s said and done, according to Bloomberg. Today’s earnings report is expected to include Tesla’s lowest profit margins in six years, a sign that rampant price-cutting continues to exact a toll.
It was also UAW made. Which is one of the most important things for me when it comes to buying a new vehicle
This is a good point, I’m more inclined to support a unionized company. Still… my understanding is that GM and Ford (and others) all circumvent unionization by manufacturing (to some extent) in Mexico. I guess it depends on the individual car. I’m supportive of Federal and State EV incentives that prioritize made in the US, unionized manufacturing.
Very true. The unfortunate reality is no vehicle manufacturer is friendly to the UAW (to my knowledge, though Volkswagen claims to be apathetic, but when I was a union member of a company they own it certainly felt like they had a problem with us). I don’t support these companies because they’re good companies I support them because I want the industry to face financial pressure towards unionized labor. And my alternative isn’t nonunion vehicles, it’s used vehicles.