• btc = $67 534.00 545.00 (0.81 %)

  • eth = $3 536.72 12.69 (0.36 %)

  • ton = $7.32 0.06 (0.76 %)

  • btc = $67 534.00 545.00 (0.81 %)

  • eth = $3 536.72 12.69 (0.36 %)

  • ton = $7.32 0.06 (0.76 %)

12 Jun, 2024
1 min time to read

Tesla's "nightmare" year is fully underway, with unsold vehicles piling up to the point they can be seen from orbit.

Satellite imagery from SkyFi shows lots at Tesla's sales centers and its Fremont, California factory filling up, highlighting the company's ongoing financial woes.

Production is outpacing demand significantly, and with CEO Elon Musk admitting that a new, next-generation platform and a cheaper passenger vehicle won't arrive until at least next year, investors are wary. The slowdown in EV demand, influx of cheaper alternatives from competitors, particularly in China, and Musk's controversial behavior are all contributing factors.

Tesla Gigafactory in Austin, Texas. Top: October 2023. Bottom: March 2024.

Footage last month showed hundreds of unsold Teslas at a mall in Chesterfield, Missouri, underscoring the severity of the issue. As Tesla faces a vote on Musk's $56 billion pay package this week, the company's future remains uncertain. Despite Musk's claim of "unequivocally supportive" public sentiment, Tesla's Q1 earnings suggest a challenging road ahead as unsold inventory continues to accumulate.

Chesterfield Mall outside St. Louis. Top: October 2022. Bottom: May 2024.