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From people who I personally know who are working in the field, things aren't going to well. It involves reliability to a safety, can't say much more.
Wow, Tesla laying off more than 10% of its world wide workforce, two Top Executives leaving
- Thread starter alarmguy
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From people who I personally know who are working in the field, things aren't going to well. It involves reliability to a safety, can't say much more.
This is an auto manufacturer that the CEO said they need 50% growth rate just 2 years back.
They are not even close, Tesla had negative growth last quarter.
The stock price has been in the toilet and worse.
If that happens Tesla stock price will be where it should be at $65 a share. As of today I might be tempted at $65 and a new CEO.Just wait until the stock market pops and dealers/auction sites are flooded with thousands of 1-3 year old vehicles they can’t move.
That it’s already been a long road down to it’s current $160 range for a stock that peaked at around $400 a share and now reports negative growth there is no defending its poor performance except for the fantasy that some believed its stock should sell for 8 to 15 times more than anyone else in the auto industry no matter what the CEO was saying on his pulpit.
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I can't ignore that Elon has also seemingly decided to alienate the majority of his customer base with his extracurricular comments. People can agree with his comments or disagree with his comments but they aren't helping. All I see is an unchecked ego that thinks he can say anything with impunity and deliver anything with the Cybertruck and because he is so wonderful people will still buy his cars. Well, apparently, they won't, and it doesn't seem like a wise choice for someone who needs 50% growth rate moving forward.
It's a bitter pill for some, but the current trajectory is down. It's not the "Big Boys" Elon has to fear, it's just the "Boys", little and big boys, all of them. I think the EV hype is tapering off. Will it make a giant comeback? Time will tell. Maybe TSLA shareholders should be thinking about is replacing Elon, or shortening his leash.
Today’s market news. BTW on Wall Street, we never know what a stock will do day to day. Tesla is a day trading stock but clearly on a decline from its peak years ago.
In this case the news is reflecting the reality of an overpriced high flying automobile company stock price way higher than its competitors.
3 more days and earnings report comes out. Will be interesting and fun to watch. Who knows? Right?
But for a high flying stick whose price already has been sliced by over 60% it’s scary to some.
“Global vehicle deliveries in the first quarter fell for the first time in nearly four years, as price cuts failed to stir demand. ”
https://finance.yahoo.com/news/1-teslas-global-job-cuts-084556709.html
In this case the news is reflecting the reality of an overpriced high flying automobile company stock price way higher than its competitors.
3 more days and earnings report comes out. Will be interesting and fun to watch. Who knows? Right?
But for a high flying stick whose price already has been sliced by over 60% it’s scary to some.
“Global vehicle deliveries in the first quarter fell for the first time in nearly four years, as price cuts failed to stir demand. ”
https://finance.yahoo.com/news/1-teslas-global-job-cuts-084556709.html
All EV sales are crashing - its not just Tesla. The big guys tried but couldn't show up at all - except for Toyota who wisely took their ball and went home to much mocking. He who laughs last...
You can take Elon or hate him. He owns only 20% of Tesla. If he is so awful why hasn't he been gotten rid of already. Clearly the shareholders have 80% of the power, so do it already. I think they know it goes down further when they do. They will. It won't help though.
Elon can say or do as he wishes. SpaceX might actually be worth more than Tesla at this point anyway. Either way Elon won't go hungry.
You can take Elon or hate him. He owns only 20% of Tesla. If he is so awful why hasn't he been gotten rid of already. Clearly the shareholders have 80% of the power, so do it already. I think they know it goes down further when they do. They will. It won't help though.
Elon can say or do as he wishes. SpaceX might actually be worth more than Tesla at this point anyway. Either way Elon won't go hungry.
A big part of it is that Tesla was down 8.5% in just the first quarter vs alot of manufacturers seeing an uptick in sales. Couple this with musks rants and absolutely having to have the Cybertruck made when engineers said it was a bad idea. Then musk said the model 2 (if it's not cancelled) would be production hell and that employees could expect to sleep at the factory. I think alot of the faithful are getting burned out.
The problem with Tesla is they have no other product. All the other manufactures have the ICE.
Yup Toyota was spot on. There is always a winner but the other ice manufactures are also experiencing strong sales and now we have some electric vehicles to offer for those who want them.
For those other manufacturers it was almost a blessing that electric vehicle sales flattened out a little bit, they had time to pair back their EV offerings. I got to admit I don’t know how I saw this coming and they didn’t!
Tesla and General Motors both report April 23
I suspect the hero is going to be General Motors.
As a (minor) shareholder, I can't help but think even if things were going well for Tesla right now, why can't he just shut up and things would be going that much better. Now they aren't going well and I'll double down on why can't he just shut up and maybe things would be going better.
He can say anything he wants but there are consequences to what he says. I'm not looking at it from Elon's POV. I don't care that he's still wealthy and that he's not going to go hungry. I care what my money invested in his company does and I care if I think it could be doing better with someone else at that helm or do better not being invested there at all. He hasn't been removed because that's a traumatic event and shareholders can be slow to move on these types of issues, but as time goes on, I think more shareholders will be weighing not just if things are going well or not, but could they be going better with someone else in place.
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I agree that Tesla having only EV's is a restraint. They also have no debt and I think they will remain the leader in the market for the foreseeable future, such that the market is. Tesla's primary issue is owners bid the price up to unsustainable levels. Getting rid of Elon won't fix that - if anything it hurts it, but they will do so anyway and it won't help.
There are lots of companies in that boat right now due to mutliple expansion from covid money printing. Tesla is just the current poster child.
As for GM, well there the same price they were at when issued in 2011 - not accounting for inflation and not accounting for all the debt they took on to buy back stock. So I guess once you hit rock bottom its only up from there.
We have to agree though, Teslas price was bid up based on actual growth and future prospects and statements from the CEO.I agree that Tesla having only EV's is a restraint. They also have no debt and I think they will remain the leader in the market for the foreseeable future, such that the market is. Tesla's primary issue is owners bid the price up to unsustainable levels. Getting rid of Elon won't fix that - if anything it hurts it, but they will do so anyway and it won't help.
There are lots of companies in that boat right now due to mutliple expansion from covid money printing. Tesla is just the current poster child.
As for GM, well there the same price they were at when issued in 2011 - not accounting for inflation and not accounting for all the debt they took on to buy back stock. So I guess once you hit rock bottom its only up from there.
I do agree it was stupid at those P/Es and now the public learned their lesson. It’s just a car manufacturer that for some reason seems incapable of turning out new and refreshing products. Makes me wonder if the giga-press is a disadvantage?
Agree on GM a stock that never goes anywhere for 40 years. They never seem to kick that football that Lucy is holding.
It’s actually why I like to play around with it. The risk is relatively low to short term trade.
I’m actually seriously considering my first loss in a very long time on a stock this morning. Thinking about dumping the Apple I bought against my better judgement only last week and getting back into GM, since GM went down from the high I sold it at I can pretend I’m still just holding it at a profit
The market looks scary to me, these trades are a spec account and actually pretty conservative I think for that as my by far major holding is boring old WMT in this account
Other accounts are all index funds and I suspect may very well take a bath
darn
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My son works for Tesla. This is the third layoff since he started a few years back. Luckily he survived this one again.
Many employees were not notified ahead of time. There was a 1.5 hour line of cars at the plant gate and you found out if you were laid off by the guard denying access through the gate.
Many employees were not notified ahead of time. There was a 1.5 hour line of cars at the plant gate and you found out if you were laid off by the guard denying access through the gate.
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I bet the sale of carbon credits isn't going as well for Tesla as it used to.
So much for being loyal to the company, when the company treats you like "disposable".
I'm surprised since there are federal and California WARN acts in place requiring 60 days notice.
We’ll that’s a new low in layoffs. I’ve heard of getting a text. How about Knock knock. Who’s there? Not you anymore.
The economy is not great despite what talking TV heads will say. Many people and businesses are tightening their budgets. I get parts from a local power equipment dealer, who does a lot of business with commercial landscaping companies. He said he has watched commercial customers who usually buy new mowers every two seasons transition to repairing what they have for now.
Good point, Tesla has violated the law in the past.
Tons of this is online. I don’t know the outcome. Ahhh reading further is part of the criteria is 33% of the work force?
https://www.jurist.org/news/2022/06...housands-without-notice-violated-federal-law/
Here is more, this is all from 2022
https://arstechnica.com/tech-policy...t-providing-60-day-notice-before-mass-layoff/
Not sure the local power equipment dealer trumps objective numbers. Generalizing based on your conversation can be misleading. For instance, we are having the best year of our 16-year existence and we are up 20% doing absolutely nothing different. My business is very sensitive to local employment and economic trends. I'd be foolish for me to believe the economy as a whole is doing as well as we are this year. The economic data is what it is, as imperfect as it can be, it is more objective than how individuals "feel" about the economy.
Should have texted them to report to a new address at 9:00 Monday. When they get there, they find it is the county unemployment office.
I think that exception says,
- If 50 to 499 workers lose their jobs and that number is less than 33% of the employer's total, active workforce at a single employment site;
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