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The EV market is in trouble: The latest sign is Tesla's layoffs

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The drive to electrify personal cars in California has, at best, hit a rough patch. The big question is whether current conditions will turn out to be growing pains.

Tesla is in trouble: Its product line is aging. Sales are stalling. Top executives are fleeing. The stock price is down. The first wave of new Cybertrucks is riddled with quality problems. The low-cost Model 2 recently promised by Chief Executive Elon Musk appears to be dead. Some of Tesla’s most environmentally conscious buyers are signaling their disgust with the behavior of Musk by turning to other brands, even as price cut follows price cut.

While 2024 first-quarter California EV sales figures won’t be available until early May, the signs are worrisome: In the last half of 2023, new EV sales declined in California, the first negative growth ever reported. “We’ve reached a threshold of market intolerance,” said Karl Brauer, auto industry analyst at iSeeCars.com.

 

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