Government rebates have ended. Sentiment towards EV has shifted negatively in consumer eyes. Manufacturers are sticking to gasoline. Even Jeep just got rid of all their electric stuff.
Maybe they'll be good for self driving robot taxis over in California with "FSD."
Past performance does not indicate future success.
Challenge is that even that good past performance was shat upon by people. I hate Elon. But I don't think Tesla is doing bad at all. GM is shitting itself on EVs.
Now, other automakers are closing the gap fast, and their overpromise of camera-only FSD is reaching Duke Nukem Forever levels, while other automakers use a diversified sensor set with more conservative autonomy levels because they value human lives more than playing fast and loose (plus, they are scrutinized way more heavily for various right and wrong reasons).
For me, it's not hatred, but I saw that they were hyped a bit too much and need some correction, and this correction is coming hard for them.
Valuations means nothing except investor trust. We have seen some spectacular collapses under unbelievable valuations. Theranos had a valuation of $9 billion. Tesla is not a scam or balloon per se, but they were a bit too overconfident of their moat.
> If a company was overvalued for a couple of years, it's ok to be sceptical. Tesla has been at such high valuations for many years now.
https://en.wikipedia.org/wiki/Bernie_Madoff
"Madoff said that he began the Ponzi scheme in the early 1990s, but an ex-trader admitted in court to faking records for Madoff since the early 1970s."
The SEC stuff rhymes a bit, too:
"The SEC's inspector general, Kotz, found that since 1992, there had been six investigations of Madoff by the SEC, which were botched either through incompetent staff work or by neglecting allegations of financial experts and whistle-blowers. At least some of the SEC investigators doubted whether Madoff was even trading."
Now, Tesla actually makes stuff; it's not a ponzi. But it's a wildly inflated stock that looks entirely divorced from the business metrics available to us.
Their profit is decreasing, revenue growth is negative. Their autonomy programme is always "just one more update" away. Humanoid robotics is already full of competition from hundreds of other startups and larger companies (even Amazon, an AI sceptic, has a significant robotics programme).
I wouldn't call them a failure, but they certainly seem to have lost their way, and you have to really drink the kool aid to be able to justify the valuation in any sense.
I just don't like Tesla's vehicles, how they look, or the interiors of them. Nothing to do with the individual.
It makes sense though, with the experience of the average app/website these days. Those devs come here and you can pick them out with ease.
I called this event years ago, it has been obvious in foresight.