Tesla's Sales Struggles

Tesla's stock price has taken a significant hit, dropping 15% in a single day, its steepest decline in five years. The company's sales have been underwhelming, with a 4% decrease in car production and flat deliveries. This has led to a loss of over $800 billion in market value, with Musk's own net worth taking a $100 billion hit.

The company's struggles are not limited to the US market. In Europe, Tesla's sales have declined significantly, with drops of 10% in Spain, 42% in Sweden, and 45% in France. The company is also facing challenges in China, the world's largest car market, where it has been losing ground to domestic automakers like BYD.

Criticism of Musk's Leadership

Musk's leadership has been called into question, with some critics arguing that his focus on electric vehicles and autonomous driving has come at the expense of more practical and affordable options. The company's vehicle lineup has been criticized for being outdated, with the Model X and Model S being over 10 and 15 years old, respectively.

Musk has also been accused of prioritizing his own interests over those of the company, with his involvement in the Trump administration and his personal projects, such as the Cybertruck, distracting from the company's core business.

Competition from Other EV Manufacturers

Tesla is facing increased competition from other electric vehicle manufacturers, such as Hyundai, Kia, and General Motors. These companies are offering more affordable and feature-rich options, which are attracting consumers away from Tesla.

The BYD Seagull, a budget-priced electric vehicle from China, has been particularly successful, with over 190 miles of range and a sticker price of around $10,000. This has put pressure on Tesla to offer more affordable options, which it has struggled to do.