Last week, Tesla had to recall a whopping 2.2 million cars in America because the warning light wasn’t big enough, and a month ago, material supply was disrupted due to the state of war in the Red Sea, leading to a complete halt in production at its Germany factory. It seems that 2024 isn’t off to a good start for the company, and there’s potential for even bigger disasters.
What will Tesla do?
Since the beginning of the year, Tesla has become the worst-performing company in the S&P 500 index. The total market value, which was $754 billion on January 5, has plummeted to $589 billion. This massive drop could also damage Elon Musk’s legendary fortune, as he owns a significant amount of shares in the company.
Tesla also suffered a defeat in South Korea. It was revealed in January that Tesla only sold 1 car in the entire country, recorded as a Model Y. This figure marks the lowest sales since June 2022. The reason for this debacle experienced by Tesla, which had significant sales in South Korea last year, is attributed to the inflation wave in the country and the lack of sufficient charging stations.
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