From the article: Tesla CEO Elon Musk and US President Donald Trump were joined at the hip earlier this year, gleefully giving thousands of federal workers the axe, including those tasked with investigating purported misdeeds by Tesla, among other Musk ventures. Trump and Musk have reportedly gone to Splitsville in recent weeks, but their storylines remain the same: Tesla sales are still going down and Trump is still a figure of international ridicule. Musk’s excellent White House adventure may or may not be completely over. Either way, the damage he did to the Tesla brand in just a few short months as a “special” employee of the US government is is already done. For that matter, the reputational risks to Tesla began surfacing long before this year, including Musk’s vociferous misdirection on COVID prevention and vaccination in 2020, to be followed quickly by his ham-handed acquisition of the social media site formerly known as Twitter in 2022, and then of course the record-breaking sum he staked to buy himself a seat in the Oval Office during the run-up to Election Day 2024. Leaving all that aside for now, let’s look at the latest news from Europe. CNBC is among the news organizations reporting on the body count earlier today, and they did not mince words. “Tesla new car sales in Europe fell 27.9% year on year in May,” reads the headline, and then it all goes downhill from there.
Europe and China markets are basically lost at this stage. Xiaomi had within one hour of order books opening 289000 pre-orders for YU7 which is cheaper than ModelY and has better specifications in nearly all ways with 100 miles more range(CLTC). Production is sold out until early next year. The pre-orders are for 700 dollars and are not refundable so unlike cybertruck should mostly convert in to sales. Xpeng G7 is releasing a new Model Y competitor in the next four week Nio L90 coming next month Li Auto i8 coming next month too. BYD Atto3 will be built in Hungary too. It would be foolhardy to be Bullish on Tesla based on the tsunami of competition coming.
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