Even Elon Musk’s coveted car brand Tesla is feeling the pain as America turns its back on electric vehicles and the high costs associated with them.
In the first three months of 2023, the company sold just under 387,000 electric cars to customers, the lowest quarterly figure in almost a year. This also represented an eight percent fall year-on-year and below analysis expectations.
Meanwhile, Tesla’s shares fell more than four percent on the news, marking a 30 percent fall since the beginning of the year.
“While we were anticipating a bad 1Q, this was an unmitigated disaster 1Q that is hard to explain away,” Wedbush analyst Dan Ives said in a note shortly after the report’s release.
“We view this as a seminal moment in the Tesla story for Musk to either turn this around and reverse the black eye 1Q performance. Otherwise, some darker days could clearly be ahead that could disrupt the long-term Tesla narrative.”
Part of Tesla’s problem is they are facing increased competition from communist China, who have successfully produced cheaper alternatives to the American car brand.
Another factor is that liberals and leftists are increasingly boycotting the brand in response to Musk’s embrace of the conservative movement, particularly through his acquisition of Twitter, now known as X.
However, overall demand for electric vehicles is also in decline as people wake up to the reality that they are not providing either the economic or environmental benefits that their advocates have promised.
Back in February, The New York Times reported that the Biden regime was giving up on many of its EV production targets as part of a “concession” to automakers and labor unions.
“Instead of essentially requiring automakers to rapidly ramp up sales of electric vehicles over the next few years, the administration would give car manufacturers more time, with a sharp increase in sales not required until after 2030,” the paper noted at the time. “The change comes as President Biden faces intense crosswinds as he runs for re-election while trying to confront climate change.”
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