Tesla’s Troubles — Is it Musk or is it More?

By Elliott Wave International

Tesla tumbled 15% on March 10, its biggest single-day drop in over five years. Elliott Wave International’s March Global Market Perspective provides this insight:

The world’s richest man, Elon Musk, is also more vulnerable than most people realize. In March 2023, when a poll by Heatmap News, a website that focuses on climate news, showed that prospective electric-vehicle buyers were less likely to buy a Tesla due to Musk’s behavior, the Global Market Perspective argued that his persona is so “attached to a bull market that even small shifts in social mood can damage his public cachet irreparably.” Tesla’s stock price has made no net progress since January 2021 and is down 42% from its all-time high in December 2024. In January, Germany’s Federal Motor Transport Authority reported that just 1,300 new Teslas were registered, the lowest monthly total since July 2021. Across Europe’s three largest electric vehicle markets- Germany, France, and Britain- yearly sales were off 59%, 63%, and 12%, respectively. Meanwhile, the average price of a used Tesla recently fell below $32,000, down from nearly $68,000 in 2022:

Tesla Trouble Going on Two Years

Tesla’s stock price is now less than half its peak only three months ago. Think there may be trouble brewing elsewhere too? Delve into the more than 50 pages of EWI’s comprehensive Global Market Perspective by following this link.

Editor’s Note: Although Tesla may be feeling the pinch right now… they have some amazing advances in the works… not just their self-driving cars but also their AI and robots that will turn Tesla into much more than just an electric car company. ~Tim McMahon, editor Elliott Wave University