Tesla Faces Worst Quarter Since 2022 Amid China Struggles and Production Cuts
Tesla's stock plunges 29% in Q1, marking its third worst quarter since going public, as competition intensifies in China and production adjustments are made.
- Tesla's stock performance in Q1 2024 is among its worst, with a 29% drop as the company grapples with increased competition and sluggish sales, especially in China.
- BYD overtakes Tesla as the world's top EV maker, with Tesla facing stiff competition from various Chinese manufacturers offering more affordable electric vehicles.
- Tesla reduces production at its Shanghai factory, adjusting staff workdays amid declining sales and exports from the facility.
- CEO Elon Musk's controversial comments and actions, including demands for more control over the company, contribute to investor uncertainty and the stock's decline.
- Despite challenges, Tesla continues to invest in self-driving technology and plans for a more affordable EV model, signaling ongoing efforts to maintain its market position.
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