Tesla has certainly seen better days. In 2023, Tesla sold 55% of the EVs in America, far ahead of the second-place EV seller, Ford, which sold 6% of the total EVs sold. This makes Tesla a barometer by which much of the entire market can be measured. Experts say that some of Tesla’s difficulties are a result of how Tesla is run, but some of the problems are systemic to the industry as a whole.
On Tuesday, Tesla reported a 9% drop in revenue in the first quarter, which was the largest drop the company had seen since 2012. Net income dropped 55% to $1.13 billion from a year ago, which was an even bigger drop than was seen during the 2020 pandemic. It was also below analysts’ consensus estimates, according to the Wall Street Journal.
