Overview
- Tesla's market capitalization has dropped by over $400 billion since last July, marking a decline of more than 40%.
- The company has laid off 10% of its global workforce amid falling sales and internal executive departures.
- Chinese automakers like BYD are increasingly outperforming Tesla in the global EV market, offering more affordable and competitive models.
- Elon Musk cancels plans for a $25,000 electric vehicle, shifting focus to developing a robotaxi service.
- Despite challenges, Tesla's U.S. market share in the EV sector grew to 51.3% in the first quarter of 2024.