Latest news with #Non-Tesla
Miami Herald
27-05-2025
- Automotive
- Miami Herald
Elon Musk latest message sends Tesla stock surging
Tesla's CEO, Elon Musk, has a lot on his plate. The mercurial leader runs Tesla, SpaceX, Starlink, and the social media website, X. He's also been spending more than his share of time in Washington, D.C., where he heads the Department of Government Efficiency, or DOGE, an organization within President Trump's administration focused on cost cuts. Musk's busy schedule has earned him equal praise and criticism from fans and foes. His supporters applaud his seemingly golden touch in building companies, while detractors say his lack of focus has contributed to failed Tesla model launches, declining sales, and X service disruptions. Don't miss the move: Subscribe to TheStreet's free daily newsletter The matter has come to a particular head this year as Musk's political activism has accelerated. He spent hundreds of millions of dollars supporting President Trump's election in 2024, and his role at DOGE has arguably turned off many once-loyal Tesla customers. The impact has taken Tesla's stock on a wild ride. Shares rallied after President Trump's election on hopes that he would leverage his close relationship to benefit Tesla, only to fall sharply earlier this year when it became clear that Tesla wouldn't sidestep Trump's tariff policy, and sales had dropped because of DOGE. Tesla's stock price has performed much better since Musk said on Tesla's earnings conference call that he would refocus energy on the company. His latest message to investors is similarly sending shares soaring today. Tesla's (TSLA) became a major success because Elon Musk decided early on to focus the car company on the performance of its electric vehicles rather than solely on their environmentally friendly nature. Related: Elon Musk gets devastating news as the 'anti-Tesla' catches on As a result, Tesla's cars competed with and often outperformed luxury rivals like Mercedes-Benz, BMW, and Porsche. Celebrities and speed enthusiasts coveted Tesla's aspirational vehicles, leaving competitors like Ford, General Motors, and others in the dust. The high-performance moat, however, has largely disappeared. Almost every car company, including Detroit's Big Three, has spent heavily to build and market high-end EVs. These competing vehicles often deliver similar performance and possibly better fit-and-finish than Tesla. As a result, Tesla's electric vehicle market share has slipped, and this year, this problem worsened due to Musk's often polarizing political positions, particularly in key markets like Europe and California. Tesla's sales in Europe dropped 49% year-over-year in April to 7,261 vehicles, according to the European Automobile Manufacturers' Association. Meanwhile, total EV sales in the region rose 34%. So far, Tesla's Europe unit volume is down nearly 40% through the first four months of this year. The trends are similar in California, where Tesla registrations fell 21.5% year-over-year in the first quarter. Non-Tesla electric vehicle (EV) registrations were up 14%. More Tesla: Analyst sets eye-popping Tesla stock price targetFund manager has shocking Elon Musk and Tesla predictionLeaked Tesla policy should infuriate Tesla loyalists Overall, Tesla sold 9% fewer EVs in the first quarter in the U.S. than last year/ Meanwhile, Ford and General Motors' EV sales have surged. In Q1, Ford saw its EV sales climb 11.5%. GM's Cadillac, GMC, and Chevrolet saw EV sales increase by 37%, 184%, and 114%. Musk appears to have heard his shareholders' complaints loud and clear. "There's been some blowback for the time that I've been spending in government with the Department of Government Efficiency or DOGE," said Musk on Tesla's Q1 conference call on April 22. "I think starting probably next month, May, my time allocation to DOGE will drop significantly... I'll be allocating probably more of my time to Tesla and now that the major work of establishing the Department of Government Efficiency is done." Related: Billionaire fund manager unloads over $100 million of Tesla stock The assuring words have sent Tesla shares rocketing 38% since. Yet, worries that Musk is distracted have persisted, including in the wake of a recent increase in outages at X, amid renewed tariff debate last week following President Trump's threat to place a 50% tariff on the EU. Over the weekend, the concerns prompted Musk to reiterate his commitment to his businesses, including Tesla. "Back to spending 24/7 at work and sleeping in conference/server/factory rooms," wrote Musk in a post on X on May 24. "I must be super focused on X/Xai and Tesla (plus Starship launch next week), as we have critical technologies rolling out." The words emboldened investors yet again, given Tesla's key programs underway, including its much-hyped autonomous driving robotaxi program. Musk has promised that full-self-driving vehicles will be on the road in Austin in June. "Not only is FSD Supervised safer than a human driver, but it is also improving the lives of individuals who experience it," said Musk in April. Tesla's stock skyrocketed on Musk's message, jumping 7% on May 27. Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
16-04-2025
- Automotive
- Yahoo
Californians Reject Elon Musk As Tesla's EV Market Share Drops Below 50%
According to the California New Car Dealers Association, the state's seen some pretty impressive new electric vehicle sales growth by model lately. Non-Tesla EV sales rose an impressive 35% in the first quarter of 2025 compared to the prior year. While the state's best-selling electric cars are still built by Tesla, Bloomberg reports new Tesla registrations dropped by double-digits. The pioneering formerly-California-based EV-only automaker saw its new-car registrations drop in California by 15% year-over-year. The company's share of the California market similarly fell to 43.9%, from 55.5% last year. For the first time since Tesla became a player in the EV space, it hasn't sold a majority of the electric cars in the Golden State. That doesn't bode well for Tesla, as California accounts for nearly a third of U.S. EV sales. "An aging product lineup and backlash against Elon Musk's political initiatives are likely key factors for the decline in Tesla BEV market share," the dealers' association noted in its quarterly report. If I were a betting man, I'd say many Californians would be willing to overlook the recently refreshed past-sell-by-date Model 3 and Model Y if it weren't for the company's CEO and his involvement in dismantling large portions of the U.S. government from the inside. Read more: Buy One Of These Electric Pickup Trucks Instead Of Humiliating Yourself With A Tesla Cybertruck As recently as 2022, Tesla was the monolith of EV sales in California, accounting for over 70% of the state's new electric vehicle registrations. With increased competition from more mainstream automobile manufacturers with familiar distribution channels and more consistent, less expensive parts and service, Tesla's market share has slumped worldwide. Californians have increasingly gravitated toward name brands they're already familiar with, as the GM-built Honda Prologue tops non-Tesla sales, followed closely by the anachronistically shaped Hyundai Ioniq 5. Despite the downturn in Tesla's fortunes, California managed to dramatically increase its EV and hybrid buying in the first quarter of 2025 compared to 2024. Battery-electric vehicle registrations rose from 89,821 to 96,416 while hybrids shot from 56,030 to 82,833, and plug-in hybrids went from 15,682 to 17,046 units moved. All told, HEVs, PHEVs, and BEVs combined for a whopping 42.4% of the California market. Among cars with some form of electric motor propulsion, Tesla accounted for just 21.5% of new registrations in Q1 this year. If EV-hungry Californians aren't even buying these cars, who will? Want more like this? Join the Jalopnik newsletter to get the latest auto news sent straight to your inbox... Read the original article on Jalopnik.
Miami Herald
16-04-2025
- Automotive
- Miami Herald
Surprising sales news sends Tesla stock tumbling
Tesla's mercurial CEO, Elon Musk, has drawn praise and criticism for his unpredictable nature, which has caused Tesla's stock price to pop and drop several times over the past decade. Elon Musk's supporters applaud his single-handedly launching the electric vehicle era, while his foes point to failed model launches and autonomous vehicle timelines. Don't miss the move: Subscribe to TheStreet's free daily newsletter The debate has intensified this year after Musk spent hundreds of millions of dollars supporting President Trump's election last year, and in the wake of his spearheading the Department of Government Efficiency, or DOGE, an organization in the executive branch tasked with cutting costs. Related: Surprising Europe news may rock Tesla stock Musk's political moves appear to frustrate many Tesla buyers, as sales in key markets have recently declined. The trend doesn't appear to be slowing, given disappointing sales data from California, which contributed to Tesla's stock price dropping 5% on April (TSLA) success stems from Elon Musk focusing on the performance of its electric vehicles. Instead of making them solely environmentally friendly, Musk built high-performance luxury cars to compete against Mercedes-Benz, BMW, and Porsche. Musk's performance-first strategy turned Teslas into aspirational vehicles desired by celebrities and speed enthusiasts, leaving competitors like Ford and General Motors in the lurch. Related: Elon Musk sent a blunt message on tariffs Tesla's luxury EV moat, however, has significantly eroded. Most car companies worldwide, including Detroit's Big Three, have developed high-end EVs, and many of them deliver similar performance and possibly better fit-and-finish than Tesla. The launch of so many rivals has damaged Tesla's electric vehicle market share, and Musk's often polarizing political positions aren't helping it shore up key markets overseas. According to the China Passenger Car Association, Tesla's sales in China fell 21.8% in Q1, and in Germany, sales fell 62%, according to KBA. It's also been a struggle in the United States, given Tesla's sales volume fell 9% from year-ago levels in Q1, according to Cox Automotive/KBB. Electric vehicle sales were up 11% across all brands in the quarter. Related: Tesla accused of using sneaky tactic to dodge car repairs Tesla's lackluster first-quarter figures follow a 1% dip in U.S. sales in 2024, the first annual drop in more than a decade, and a 2.3% decline in the fourth quarter, despite total EV sales climbing 15%, according to the Cox/KBB. Meanwhile, Ford and General Motors' EV sales have surged. In Q1, Ford saw its EV sales climb 11.5%. GM's Cadillac, GMC, and Chevrolet saw EV sales increase by 37%, 184%, and 114%. Tesla's fortunes aren't improving, at least not yet. In California, which historically has accounted for about one-third of U.S. EV sales, Tesla registrations slumped 15% year-over-year. Non-Tesla zero-emission vehicle registrations rose 35%, according to California's New Car Dealers Association (CNCDA). It was Tesla's sixth straight quarterly decline in the state. According to Experian Automotive data, total California EV registrations rose 8%. As a result, while Tesla remains the biggest EV company in California, its market share fell to 43.9% from 55.5% last year. "An aging product lineup and backlash against Elon Musk's political initiatives are likely key factors for the decline in Tesla BEV market share," wrote the CNCDA. Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
13-02-2025
- Automotive
- Yahoo
How to Use Tesla Superchargers With Any Non-Tesla EV
Good news for electric vehicle owners: You can charge your electric car at Tesla's Supercharger stations in the US, even if you don't drive a Tesla. A couple of years ago, Tesla announced that select stations had been fitted with adapters for other brand EVs, and drivers in California, Texas, New York and other states have reported using them successfully since then. Earlier in February 2023, the White House issued guidance that EV manufacturers who wanted to receive federal funding had to make their chargers brand-agnostic. That same month, Tesla announced a plan to open at least 3,500 Superchargers to other vehicles. Since then, most EV makers, including Stellantis, Mazda, Polestar and Lucid have announced they're switching to Tesla's EV charger. Read more: Bank of America Will Now Finance Your Home EV Charger In 2021, a $1.2 trillion infrastructure bill set aside $7.5 billion to create a network of 500,000 public EV chargers by 2030, mostly on high-traffic highways and in densely populated residential areas. Tesla is among the companies financing the project, with a combination of private money and federal subsidies. S&P Global Mobility estimates that, as of January 2023, there were nearly 17,000 Superchargers and Tesla destination chargers in the US. The number has grown to an estimated 20,000 chargers as of January 2025. The company hasn't released information on where or how many Superchargers are currently available to non-Telsa EVs but you can scan any area for usable stations on the Tesla app. Tesla had promised to make at least 3,500 of its stations available to all electric vehicles by the end of 2024, as well as 4,000 Level 2 charging docks. Tesla has now opened up its 20,000 Superchargers to six brands -- Ford, Rivian, General Motors (GM), Polestar, Volvo, and Nissan -- with Mercedes set to join soon. Tesla has retrofitted select stations with a "Magic Dock," a CCS1 adapter that is placed on top of Tesla's NACS plug that enables non-Tesla EVs to charge at a maximum rate of 250 kW. To use a Supercharger: Download the Tesla app and create an account. Select "Charge Your Non-Tesla" and find a nearby Supercharger site. Add a payment method, select a stall, unlock the adapter and plug in your car. Tap "Start Charging." Select "Stop Charging" to complete your session. Payment is made through the Tesla app. Each Supercharger post has a label with a unique identifier. If you are taking the cable from post 4A, for example, select post 4A in the Tesla app to begin charging. Non-Tesla drivers can either pay as they go or sign up for a monthly $13 membership. The subscription get you a discounted rate, though it's still higher than what Tesla owners pay. That's to make up for "additional costs incurred to support charging a broad range of vehicles and adjustments to our sites to accommodate these vehicles," Tesla said in a blog post. According to the company, rates vary by location. Yes, you will incur a charge if you leave your vehicle plugged in too long "to help ensure stalls are open for everyone to charge," per Tesla.
