Advertising
Supported by
As the percentage value plummets, investors are wondering if the Elon Musk-led company will be able to cope with increasing competition.
By Melissa Eddy and Jack Ewing
Melissa Eddy reported from Berlin and Jack Ewing from New York.
Elon Musk gave the impression of being in a defiant mood on Wednesday when he stood in front of workers at Tesla’s factory near Berlin, a week after an arsonist set fire to an electrical pylon and halted production.
“You can’t stop us,” Musk, the company’s chief executive, told staff set up in a giant tent next to the factory.
But there are plenty of signs that Tesla may not be as unstoppable as it once seemed. The company’s car sales are no longer developing at breakneck speed. Chinese automakers and established brands like BMW and Volkswagen are flooding the market with electric cars. And Tesla has been slow to respond with new models.
Musk’s extensive outdoor activities and penchant for making polarizing political statements and attacking others he disagrees with have raised questions about his approach to running Tesla. Wall Street is worried about the company: Tesla’s stock value has lost a third of its price. this year even as primary inventory indices have reached record levels.
“A bet on Tesla has been a bet on Mr. Musk,” said Eric Talley, a professor at Columbia Law School who specializes in corporate law, governance and finance.
In an interview with former TV host Don Lemon that aired online Monday, Musk dismissed the drop in the company’s stock value as part of the cycle.
We are retrieving the content of the article.
Please allow javascript in your browser settings.
Thank you for your patience as we determine access. If you’re in Reader mode, log out and log in to your Times account or subscribe to the full Times.
Thank you for your patience as we determine access.
Already a subscriber? Sign in.
Want all the Times? Subscribe.
Advertising