By Jordyn Grzelewski and Kalea Hall
“The Twitter train wreck situation has cast a dark shadow on Tesla,” Wedbush Securities analyst Dan Ives said in an interview. “And ultimately it’s a spiderweb that Musk created around this $44 billion Twitter mistake that we believe has taken $600 to $700 billion of market cap off Tesla.” “I still have a lot of affection for the cars themselves, but it feels a little bit like driving around while wearing a MAGA hat and waving a Trump flag … which I wouldn’t want to do,” he said.
Before going with Tesla, Friedman had a Nissan Leaf and felt “real range anxiety” with its full charge of only 89 miles. He looked at Tesla’s products, which offered hundreds of miles on a single charge, and made the switch. Friedman isn’t in a rush to dump his Teslas, but he’s considering alternatives for his daughter. Knowing that he definitely wants a battery-electric vehicle for her, he’s looked at the Kia EV6, Hyundai Ioniq 5 and the Ford Mustang Mach-E.
Still, it will take time for the other automakers to catch Tesla, which holds 63% of U.S. market share for EVs as of November, according to Edmunds. But its share is dropping: the EV maker commanded 80% in 2019. “ had almost a 10-year-run of the premium EV market with really no competition,” said Karl Brauer, an executive analyst at iSeeCars.com “And slowly over the last two years, and increasingly over the next two years, there’s going to be more.”
Then on Tuesday, the losses extended after Tesla reported delivery and production numbers for 2022 that fell short of its own goal and Wall Street’s expectations. The EV maker reported record deliveries of 1.3 million vehicles globally last year, up 40% from the previous year, but below its own target of 50%. Fourth-quarter deliveries of 405,000 vehicles missed analysts’ expectations.
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