Tesla is now facing a slowdown in people wanting electric cars. CEO Elon Musk is figuring out new plans, which may be different from other car companies.
Ford and GM did better than expected in the first quarter. They cut costs and sold more gas cars. But Tesla didn’t do as well. Their sales and revenue dropped.
For the past year, people haven’t been buying as many electric cars. This slows down the plans of car companies that want to make more electric cars.
GM’s CEO, Mary Barra, said they’re spending less money now. They want to make more profit and spend less money while still making good cars for customers. GM made a lot of money from selling trucks.
Electric cars don’t make as much money as gas cars. Ford lost $1.32 billion in the first quarter because of electric cars.
Tesla is also feeling the slowdown in electric car sales. They used to sell a lot of their cheaper cars, like the Model 3 and Model Y. But now, other car companies are selling more hybrids, which are cars that use both gas and electricity.
Without hybrids and gas cars, Tesla needs to find new ways to make their cars cheaper. They also need to finally release a cheaper car, which they’ve been promising for a long time.
Elon Musk, Tesla’s CEO, doesn’t like that other companies are selling more hybrids. He thinks it’s better if everyone buys electric cars, which is what Tesla wants.
