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The <keyword id="23021375" type="General" weightage="20" keywordseo="domestic-passenger-vehicle-industry" source="keywords">domestic passenger vehicle industry</keyword> volumes declined by low single digit in August 2024 as compared with August 2023, because of weak retail demand trends and higher <keyword id="21396778" type="General" weightage="20" keywordseo="inventory-levels" source="keywords">inventory levels</keyword> at the dealerships according to Kotak Institutional Equities. The report suggests that the major reason for the sluggishness in sales of tractors is the uneven spatial distribution of rainfall, particularly in northern and eastern regions. It also highlights that growth will pick up in the coming months on the back of <keyword id="23021373" type="General" weightage="20" keywordseo="improved-monsoon" source="keywords">improved monsoon</keyword> conditions. The upcoming festive season will also improve the situation as traditionally it is a peak period for auto sales. Strong festive demand could help offset some of the losses experienced in the first half of the fiscal year. The weak wholesale figures in August were driven by private vehicles (PV), commercial vehicles (CV) and tractor original equipment manufacturers (OEM). Retail sales declined in single digits (yoy) for most of the companies. The PV segment saw a low single-digit decline in domestic wholesale volumes year-on-year (YoY) in August 2024, driven by weak retail demand and elevated inventory levels at dealerships, which stood at approximately 70 days. The retail sales fell by mid-single digits YoY during the month. Maruti Suzuki India Limited (MSIL), the largest player in the segment, reported a 4 per cent YoY drop in total volumes, including a 5 per cent decline in domestic sales but it was partially offset by a 6 per cent rise in the export volumes. MSIL's wholesale market share is estimated to have slipped by 250 basis points YoY to approximately 40.5-4 per cent says the report. Other major players also faced challenges in sales. Tata Motors recorded a 3 per cent YoY decrease in PV volumes, while Hyundai Motors reported an 8 per cent drop. However, Mahindra &amp; Mahindra (M&amp;M) bucked the trend with a 16 per cent YoY increase in PV volumes, and Toyota India posted a significant 37 per cent YoY growth on low volumes. Kia and MG Motors also experienced an uptick in sales. The two-wheeler (2W) segment showed resilience with high single-digit YoY growth in domestic wholesale volumes, largely driven by channel filling ahead of the festive season. Retail sales of the internal combustion engine (ICE) two-wheelers grew by mid-single digits YoY, while electric two-wheeler (EV 2W) sales surged by 41 per cent YoY, propelled by new mass-market EV launches and attractive discounts. Among the key players, Hero MotoCorp (HMCL) saw a 5 per cent YoY rise in volumes, and TVS Motor reported a robust 14 per cent YoY increase, with growth in both domestic and export segments. Bajaj Auto's volumes grew by 18 per cent YoY, driven primarily by domestic sales. However, Royal Enfield faced a 5 per cent YoY decline in volumes. Going forward, the report highlighted that the Commercial Vehicle (CV) segment underperformed during the month, with domestic volumes declining by low double digits YoY, primarily due to weakness in the Medium and Heavy Commercial Vehicle (MHCV) truck and Light Commercial Vehicle (LCV) segments. Tata Motors experienced a 15 per cent YoY drop in domestic CV volumes, with sharp declines in Small Commercial Vehicle (SCV) cargo (down 23 per cent) and MHCV trucks (down 15 per cent). Ashok Leyland also reported a 7 per cent YoY decline in CV volumes, while VE Commercial Vehicles (VECV) managed a modest 1 per cent YoY increase. In August, the domestic tractor segment remained flat YoY with volumes coming in 5-6 per cent. During this period, M&amp;M's tractor volumes grew by 1 per cent YoY, while Escort Kubota's volumes remained unchanged compared to the same period last year. The report says that strong festive demand could help offset some of the losses experienced in the first half of the fiscal year, particularly if economic conditions and consumer sentiment improve.

Auto Industry sales to surge on the back of improved monsoon, festive season demands: Report

New Delhi, <keyword id="6357096" type="General" weightage="20" keywordseo="mahindra-mahindra" source="Orion">Mahindra &amp; Mahindra</keyword> on Friday said its total wholesales increased by 21 per cent year on year to 70,576 units in November. The Mumbai-based automaker had dispatched 58,303 units in November 2022. Utility vehicle dispatches stood at 39,981 units last month, an increase of 32 per cent over 30,238 units in the year-ago period, <keyword id="45224" type="General" weightage="20" keywordseo="mahindra" source="Orion">Mahindra</keyword> &amp; Mahindra (M&amp;M) said in a statement. Exports, however, declined 42 per cent last month to 1,816 units as compared to 3,122 units in November 2022. "We continue our growth trend, backed by strong demand for our SUV portfolio...While we saw a healthy festive season, we faced supply challenges on select parts during the month. We are keeping a close watch and taking appropriate steps to mitigate the challenges," M&amp;M President Automotive Division Veejay Nakra said. M&amp;M said its tractor wholesales stood at 32,074 units in November as compared to 30,528 units in the year-ago period. Exports, however, declined to 1,005 units last month from 1,348 units in November 2022. "The festive season saw high demand pull in the domestic market, supported by Kharif harvest realisations, with retails being strong during Dhanteras and Diwali," M&amp;M President-Farm Equipment Sector Hemant Sikka said. Terms of trade continue to be favourable for farmers, while rural spending by the government and progress in rabi sowing are the factors to watch out for, he added. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-december-2023/slidelist/105645843.cms">From Tata Punch EV to Lamborghini Revuelto, cars set to launch in India in December</a> <a href="https://www.businessinsider.in/business/auto/news/car-and-suv-prices-set-to-rise-in-january-2024-should-you-buy-one-in-december/articleshow/105556415.cms">Car prices set to rise in January – Should you buy one in December?</a> <a href="https://www.businessinsider.in/tech/news/indias-pc-market-surges-to-4-5-million-devices-in-q3-2023/articleshow/105285251.cms">India’s PC market shipments surge in Q3 amidst import restrictions talks</a>

Mahindra sales rise 21% to 70,576 units in November

<keyword id="6359783" type="General" weightage="20" keywordseo="bajaj-auto" source="Orion">Bajaj Auto</keyword> on Friday reported a 31 per cent growth in its total vehicle <keyword id="6357824" type="General" weightage="20" keywordseo="sales" source="Orion">sales</keyword> at 4,03,003 units in November over the corresponding month of last year. The Pune-based company had sold a total of 3,06,719 vehicles in November 2022, according to a statement. Total domestic sales (two-wheelers and <keyword id="6390018" type="General" weightage="20" keywordseo="commercial-vehicles" source="Orion">commercial vehicles</keyword>) in the previous month grew by a whopping 69 per cent to 2,57,744 units as against 1,52,883 69 units in November 2022. At the same time, <keyword id="35090" type="General" weightage="20" keywordseo="exports" source="Orion">exports</keyword> during the month under review declined 6 per cent to 1,45,259 from 1,53,836 vehicles shipped out to overseas markets in the same month of last year, as per the statement. Two-wheelers' domestic sales were at 2,18,597 units, registering a growth of 77 per cent over 1,23,657 units sold in November 2022, while exports fell 6 per cent year-on-year to 1,30,451 units in the previous month, it said. The total two-wheeler sales during November 2023 were recorded at 3,49,048 units, growing 33 per cent over the same month last year. The total commercial vehicles sales were 53,955 units in November 2023, as per the statement.

Bajaj Auto sales grow 31 per cent in November

<ul class="summary-list"><li>Car companies are cutting costs heading into the end of the year.</li><li>A price war in China poses a threat to profitability.</li></ul>It's been a busy few days for auto companies.Ford and Volkswagen each pulled back vehicle production plans this week. After the last shift on Friday, November 15, Ford will <a target="_blank" class="" href="https://www.businessinsider.com/ford-pauses-electric-f-150-lightning-production-cuts-manager-bonuses-2024-10">pause F-150 Lightning production</a> until next year, while VW said it is considering historic plant closures in Germany that would lay off hundreds of workers.Meanwhile, Tesla fell behind China's BYD in quarterly revenue for the first time, and GM CEO Mary Barra warned of an unsustainable price war in the Chinese EV market.Amid the flurry of news, two themes stand out: the China threat and <a target="_blank" class="" href="https://www.businessinsider.com/electric-vehicle-misconceptions-about-the-ev-transition-market-sales-2024-5">EV slowdown</a> loom large for automakers.<h2 id="26021238-9d8a-4010-bec4-f6bfd9ac81e2">Another EV price war threatens profitability</h2>In China, the world's largest auto market, EV leaders <a target="_blank" class="" href="https://www.businessinsider.com/why-byd-is-beating-tesla-ev-rivals-china-2024-11">BYD</a> and Tesla are engaged in a bitter price war that initially weighed heavily on BYD's bottom line.But by August, BYD (which also sells hybrid cars) reported its best-ever passenger car sales, driving up revenue 24% in the third quarter to $28.24 billion, topping Tesla for the first time. It's the latest sign that after nearly two years of deflating the value of its cars, <a target="_blank" class="" href="https://www.businessinsider.com/tesla-sales-miss-ev-slowdown-new-wave-customers-2024-4">Tesla is finally starting to feel the pinch</a> of a slowdown in the EV market.The Chinese EV market is more competitive than ever, according the GM's Barra, who <a target="_blank" href="https://www.businessinsider.com/general-motors-gm-ceo-mary-barra-ev-china-not-sustainable-2024-10">questioned the sustainability</a> of a broader price war in the region driven by an uptick in Chinese EV startups selling inexpensive vehicles.Inexpensive Chinese EVs have long threatened the US EV market. They aren't just well-priced; many are also good-looking and well-equipped. Ford CEO Mark Ford said last week that he's been driving the <a target="_blank" class="" href="https://www.businessinsider.com/chinese-ev-xiaomi-su7-driven-by-fords-ceo-faster-model-2024-10">Chinese-made Xiaomi SU7</a> for six months and doesn't want to give it up.Some car companies already sell <a target="_blank" class="" href="https://www.businessinsider.com/cars-imported-from-china-us-ev-tariffs-buick-lincoln-volvo-2024-5">China-built EVs</a> in the US, but Biden Administration bans on Chinese vehicles keep competitors like BYD from entering the market. Europe is also slapping tariffs on Chinese EVs as these cars upend their retail market.<h2 id="8dfa0b70-314e-4d64-b16a-ce59212e9bed">Companies will have to build fewer cars for now</h2>As <a target="_blank" class="" href="https://www.businessinsider.com/germany-auto-giants-volkswagen-bmw-mercedes-struggle-sales-china-evs-2024-10">Volkswagen loses ground</a> to BYD in Europe, the automotive giant is considering massive production pull-backs, including closing three German factories for the first time in its history.In the US, Ford announced its own EV production pull-backs this week, stopping assembly of its electric F-150 Lightning pickup truck until next year in a bid to improve profitability for its money-losing EV segment.Both companies are coupling these production rationalizations with other cost-cutting measures. At Ford, managerial bonuses tied to quality and manufacturing costs will be slashed to 65% of last year's levels. VW has said it plans to lay off workers and may cut wages.Over-production isn't just <a target="_blank" class="" href="https://www.businessinsider.com/ev-pile-up-dealer-lots-deals-discounts-leasing-2024-8">a problem for EVs</a>, though. Overall vehicle inventory levels remained elevated at the end of October, driving up manufacturer-funded discounts, according to JD Power. Dealers ended October with about 2 million units in stock, a 4% increase from September and a 25% increase from the previous year.Some companies are more affected by inventory bloat than others. <a target="_blank" class="" href="https://www.businessinsider.com/stellantis-jeep-ceo-falling-sales-shrinking-profit-margins-dealers-strike-2024-10">Stellantis</a>, which is navigating the toughest year in its short history, is specifically focused on reducing inventory levels in the US, and reported some progress on that effort in the third quarter.

The China threat and the EV slowdown— 2 takeaways from a busy few weeks in auto news

<ul class="summary-list"><li>Electric cars have hit a major speed bump in Europe.</li><li>According to industry data, EV sales fell 44% in August as demand cooled across the continent.</li></ul>Europe is facing plunging sales of electric vehicles — and the continent's struggles are a warning sign for the US.Registrations fell by nearly 44% in August compared with the same month last year, according to the European Automobile Manufacturers' Association. The slump was driven by a 69% decline in Germany, Europe's biggest car market and economy.The cooling demand has led to questions over whether European automakers can meet the European Union's ambitious climate goals, which require all new cars to be zero-emission by 2035.It's also put pressure on EV companies and their suppliers. One of Europe's key battery manufacturers, Northvolt, announced on Monday <a target="_blank" class="" href="https://www.businessinsider.com/northvolt-european-battery-startup-cutting-jobs-sweden-ev-tesla-2024-9">it will lay off 1,600 employees</a> and scale back its expansion plans to focus on existing customers.<h2 id="03606594-0832-457a-a25e-b3bc29e8114e">EVs hit a speed bump</h2>Europe's EV industry is suffering from a complex mixture of challenges, auto industry analysts told Business Insider.In Germany, home to a massive Tesla gigafactory and a famous automotive tradition, demand has been hit by a government decision to phase out subsidies for EVs in December 2023.William Roberts, automotive research lead at battery consultancy Rho Motion, described the decision to pull the country's EV subsidies with barely a week's notice as a "shock removal" that, coupled with <a target="_blank" class="" href="https://www.businessinsider.com/us-vs-china-economy-europe-global-decoupling-wall-street-markets-2024-">weak economic conditions,</a> has severely dented consumer sentiment in Germany and the rest of the EU.A lack of affordable electric vehicles has not helped the situation. Although EU customers do have access to some EVs that are <a target="_blank" class="" href="https://www.businessinsider.com/chinese-electric-cars-you-can-buy-in-europe-not-us-2024-9">not available in the US,</a> Roberts said most still fall into the premium category.Dylan Khoo, an analyst at technology intelligence firm ABI Research, told BI: "There are only a handful of models that you could really say are mass market, and even those are quite a bit more expensive than their gasoline counterparts."The lack of affordable models is unlikely to be helped by the EU's proposed tariffs on China-made EVs, which include a <a target="_blank" class="" href="https://ec.europa.eu/commission/presscorner/detail/en/ip_24_4301">17% tariff on BYD vehicles and 9% on Teslas</a> imported from China.Roberts said that's probably not great news for drivers. "If the consumer is just looking for the cheapest possible EV, then at the moment, that would probably be satisfied by an imported Chinese vehicle."<h2 id="f811f30f-e910-4869-9a83-5e59c6307df5">Supply chain struggles</h2>Europe has also faced difficulties in developing its EV supply chain, with many <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-09-11/vw-s-german-factory-closures-highlight-wider-problems-for-europe-s-carmakers">factories left with under capacity</a> and startups such as Northvolt struggling after the demand slowdown hit their ambitious expansion plans."I think for Northvolt there was a sense of over-optimism and over-ambitiousness, when you compare their plans to where some of the manufacturers are," Khoo said.Roberts said Europe has suffered from a patchwork attempt to encourage EV demand and build out its supply chain."The EU is not a federal government like the US — they can't blanket provide huge incentives and subsidies and have every country take them up," he said."So the supply chain is always going to be a bit more fragmented, and that's going to lead to difficulties when you're all trying to move towards one target as a bloc."<h2 id="62b2ae38-d830-442a-bdde-324e3689eed4">A warning for the US</h2>The struggles faced by Europe provide a warning sign to the US, which lags behind its cross-Atlantic neighbor in EV adoption.Electric cars accounted for 25% of new vehicle sales in Europe last year, compared to just 10% in the US, <a target="_blank" class="" href="https://www.iea.org/reports/global-ev-outlook-2024/trends-in-electric-cars">according to IEA data</a>.Like Europe, few affordable EV models are on sale in the US, which experts have suggested has <a target="_blank" class="" href="https://www.businessinsider.com/electrc-vehicle-demand-problem-affordability-expense-price-cost-2023-10">contributed to a slowdown in demand</a> in recent months.Key EV factories and infrastructure have also been delayed as automakers rethink their EV plans and shift focus to hybrids. Ford is halting production of a new electric pickup at a planned factory in Tennessee, and GM is delaying an EV battery plant in Indiana.<a target="_blank" class="" href="https://www.businessinsider.com/what-trump-presidential-victory-could-mean-for-evs-tesla-musk-2024-7">Consumers face concerns over subsidies with the election</a> looming, too.Trump and his running mate, JD Vance, have cast doubt over whether the $7,500 tax credit for purchasing a new EV, introduced by Joe Biden's Inflation Reduction Act, will continue if they win the presidential election in November.The prospect of crucial subsidies being suddenly removed, as in Germany, could have an equally chilling effect on America's EV industry. However, Roberts said while the US will likely face its own pressures down the line, it has a significant supply chain advantage over the EU."There's a lot more funding available," he said. "If that's used correctly to build out the supply chain, then that can have a much more positive impact than in Europe, where the funding for the supply chain has been a lot more reliant on just the private sector."Still, "I'd argue the US is still in an early adopter phase when it comes to EVs. You'd be silly to not take these warning signs from anyone further ahead of you in the curve," he added.

EV sales in Europe hit a speed bump — and the US should be worried too

<keyword id="19895433" type="General" weightage="20" keywordseo="Tesla" source="keywords" meta.keywordsubtype="org" meta.entityname="Tesla" meta.hostid="261" meta.entityid="Tesla">Tesla</keyword> is on the brink again. Sales are slowing even after the company slashed prices. The company is <a target="_blank" href="https://www.businessinsider.com/tesla-layoffs-job-cuts-2024-2">laying off 10% of its workforce</a> — 14,000 workers from Shanghai to San Jose, from the factory floor to the executive suite. The company had to <a target="_blank" href="https://www.businessinsider.com/tesla-recalls-cybertrucks-accelerator-fault-pad-pedal-electric-vehicle-truck-2024-4">recall every single Cybertruck</a> it shipped. And Tesla's position in China, <a target="_blank" href="https://www.businessinsider.com/china-electric-cars-ev-elon-musk-tesla-byd-price-war-2024-4">a country that has become critical</a> to its future, is getting shakier.There's only one person to blame for the company's shambolic state and only one person whose exit could save Tesla: <keyword id="19903807" type="General" weightage="100" keywordseo="Elon-Musk" source="keywords">Elon Musk</keyword>. For the past few years, Tesla has looked unstoppable, but during those high times, Musk failed to implement any strategy that would insulate the company from what has become a <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-price-cuts-electric-cars-losing-business-strategy-2023-11">violent global electric-vehicle price war</a>. The company is incinerating cash, losing market share, and holding more aging inventory than ever before.<a target="_blank" href="https://www.businessinsider.com/tesla-stock-tsla-quarterly-earnings-call-report-live-updates-2024-4">Tesla reported its first-quarter earnings</a> on Tuesday and missed expectations across the board, even though Wall Street was already expecting the worst. Earnings per share came in at $0.45, lower than analysts' expectations of $0.52. Free cash flow fell a stunning 674% as Tesla focused on AI research and making capital improvements. Gross profit fell 18% from the same time a year ago, and gross margins fell from 19.3% to 17.4% over the same period. If Tesla the company were a car, this is when you start to hear it make a rattling sound.The company's problem isn't a matter of getting through "<a target="_blank" href="https://www.businessinsider.com/tesla-podcast-workers-model-3-production-hell-sewage-sleeping-floor-2023-8">production hell</a>" or "delivery hell" on a new model, which Tesla has been able to survive. Hell is, at the very least, a location. Tesla's problem is that it has no clear direction. It doesn't matter how much cash a company has on hand if it's blowing it on products that aren't ready to scale — like a robotaxi. Or cars that no one wants — like its dated models.Musk seems to understand at least that much: For years, Tesla has teased the development of the Model 2 — a $25,000 Tesla for the everyman. This is the car the market wants, and a Reuters report from earlier this month that the Model 2 was being scrapped (which Musk denied) sent the stock into a tailspin. Given this clear signal from investors, the company pivoted and announced in its earnings release that it planned to speed up production of "<a target="_blank" href="https://www.businessinsider.com/cheaper-teslas-arriving-sooner-than-planned-2024-4">new and more affordable products</a>" to early 2025. Wall Street ate this up: in spite of the miserable results, Tesla's stock has gained nearly 20% since the earnings announcement and <a target="_blank" href="https://www.businessinsider.com/tesla-investors-cheaper-cars-soon-musk-said-earnings-stock-up-2024-4">analysts were falling over themselves</a> to praise the news. It's like people have never seen this play from Musk before, but anyone who's been following Tesla knows we have.Musk is notorious for delivering so late that <a target="_blank" href="https://www.businessinsider.com/tesla-cybertruck-release-date-delivery-delay-signs-2023-9">any sort of timelines</a> are to be <a target="_blank" href="https://www.businessinsider.com/tesla-roadster">taken with a grain of salt</a>. Even Musk's most loyal shareholders — like Ross Gerber of investment firm Gerber Kawasaki — were dubious. In an interview with Bloomberg on Tuesday after Tesla's report, Gerber said that he "can't rely" on what the company says about timelines anymore. In the company's post-earnings conference call, Musk only mentioned vague plans for speeding up the production process and spent more time talking about his far-off vision for an Uber-like robotaxi fleet."I'd say at least eight to nine years before they get a robotaxi working," Tu Le, the founder of the electric-vehicle consultancy Sino Auto Insights, told me in a recent interview. "I think they'd argue that they already made it. But I'm thinking about the best-case scenario. And I'm being very optimistic.Being late wasn't a problem when Tesla was the only company making good EVs, but that's not the case anymore. Musk does not have eight or nine years to save Tesla, and making vague promises to deliver a new car that the market actually wants — while appealing to Wall Street — does not relieve the pressures the company is facing now. On one side of the world, competitors in China can make <a target="_blank" href="https://www.businessinsider.com/tesla-waging-price-war-against-chinese-rivals-2024-4">cars at a much lower cost</a>. On the other side, <a target="_blank" href="https://www.businessinsider.com/ford-pulling-back-electric-vehicle-production-again-2024-4">legacy automakers</a> are leaning on their combustion-engine and <a target="_blank" href="https://www.businessinsider.com/car-buyer-interest-hybrids-as-electric-vehicle-adoption-slowing-2023-10">hybrid car sales</a> to make it through the <a target="_blank" href="https://www.businessinsider.com/tesla-sales-miss-ev-slowdown-new-wave-customers-2024-4">slowdown in demand for electric cars</a>. If the Chinese market is a rock, then Western markets are a hard place. Tesla is caught in between. The company needs a serious leader with practical ideas — no self-driving gimmicks, no blowtorches, no broken Cybertrucks, no shitposting, no video-game marathons, and <a target="_blank" href="https://www.businessinsider.com/psychedelics-work-microdosing-lsd-psilocybin-ketamine-retreats-elon-musk-2024-3">no casual ketamine use</a>. Basically, no Elon. It needs a singularly focused, ruthlessly productive leader who can deliver the Model 2 — without copious delays.On Tuesday, Musk addressed the recent round of layoffs by saying that Tesla needed to restructure itself for a "new phase of growth." He's right about that, the carmaker does need a major shake-up — starting with him.The future did not have to look this ugly for Tesla. In 2020, the company was on top of the world. Its <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-china-gigafactory-shanghai-fremont-california-factory-2021-10">Shanghai plant started cranking out</a> lower-cost, higher-margin cars. It was <a target="_blank" href="https://www.businessinsider.com/tesla-germany-gigafactory-final-approval-2022-3">building a plant in Germany</a> and <a target="_blank" href="https://www.businessinsider.com/tesla-elon-musk-gigafactory-texas-cyber-rodeo-2022-4">another one in Texas</a>. It <a target="_blank" href="https://www.businessinsider.com/tesla-delivery-record-q2-annual-sales-2021-7">sold more cars</a> than ever before. Consistent annual profits led to a <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-market-cap-500-billion-stock-price-rally-elon-musk-2020-11-1029835478">glorious stock market rally</a>, and Wall Street rejoiced.What did Musk do with those glory days? He <a target="_blank" href="https://markets.businessinsider.com/news/stocks/elon-musk-sell-tesla-stock-buy-twitter-deal-net-worth-2023-4">sold a bunch of his Tesla stock</a> to buy Twitter, tried to <a target="_blank" href="https://www.businessinsider.com/twitter-to-take-elon-musk-court-fight-close-deal-2022-7">get out of the deal</a>, and then was forced to go through with it. He <a target="_blank" href="https://www.businessinsider.com/spacex-starship-launch-rocket-blows-up-explosion-elon-musk-mars-2023-11">blew up some rockets</a> (to be fair, some also made it to space). He <a target="_blank" href="https://www.businessinsider.com/elon-musk-neuralink-monkeys-live-in-paradise-denies-gruesome-deaths-2023-11">implanted a brain chip</a> into a bunch of monkeys. He brought a kitchen sink to work and added a <a target="_blank" href="https://www.businessinsider.com/elon-musk-twitter-tesla-ceo-job-broken-chief-hypocrisy-officer-2022-11">few more CEO jobs to his plate</a>. He publicly bungled Gov. Ron DeSantis' attempt to launch a presidential campaign. At Tesla, Musk delivered about 4,000 Cybertrucks — every one of which has been recalled for faulty acceleration — while frittering away any goodwill the company has with its core customers.What I'm saying is that as much as Tesla accomplished in the past few years, it's clear Musk should've spent more time with it. Tesla failed to craft a strategy for chaotic times in what is still clearly a nascent EV industry. Sure, the company has been on a multiyear campaign to get lean and cut costs, but that strategy isn't enough to balance out price cuts, weak demand, and the need for major capital expenditures to get through this period of fleet stagnation. A true visionary CEO — which Musk has long claimed to be — would have pressed the advantage that Tesla developed in the EV market. They would've done research to try to understand what EV demand would look like after early adopters bought cars. They'd know what kinds of buyers would enter the market at that stage and which kinds of cars those buyers would want. A true visionary CEO would meet those customers where they are. Back in November, I spoke with Navdeep Sodhi, a pricing analyst at Sodhi Pricing Associates, who told me that <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-price-cuts-electric-cars-losing-business-strategy-2023-11">Tesla should advertise</a> to educate the public about the cost benefits of its cars, like savings on gas. Advertising could have also helped assuage concerns about issues like range anxiety. This month, <a target="_blank" href="https://www.businessinsider.com/tesla-new-marketing-team-advertising-cut-layoffs-2024-4">Tesla laid off its entire marketing team</a>.For years analysts warned Musk that competition was coming, not just from legacy automakers but from the very Chinese market that fostered Tesla's success. Beijing has a pattern of supporting Western companies in China's markets in order to foster competition, then, once China-based rivals are able to catch up, tipping the scales in favor of homegrown companies. Add in the fact that Beijing has cornered nearly every aspect of the battery supply chain — from mining and refining metals to manufacturing the batteries themselves — which has helped China's EV makers to churn out models at price points as low as four figures. The new options have put Tesla on the back foot in one of its most important markets: <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-stock-vehicle-model-y-price-cuts-tsla-elon-musk-2024-4">Tesla's share of China's car market shrank</a> to 6.7% in the fourth quarter of 2023 from 10.3% at the beginning of the year.To maintain its lead, Tesla should have been singularly focused on building the Model 2 — moving down the pricing scale to where there were more customers. But it stopped innovating, the Model 2 hasn't materialized, and Musk's realization that the company needs to actually deliver on a Tesla-for-the-people may be coming too late. Instead of boosting sales with an impressive or accessible new option, Tesla has tried to goose demand by <a target="_blank" href="https://www.businessinsider.com/tesla-slashes-prices-suv-cars-self-driving-software-before-earnings-2024-4">erratically lowering the prices</a> of its existing models to increase volume. This has not worked as planned: automotive revenue fell 13% from the same time last year, according to Tuesday's earnings release, and gross margins in the automotive division fell to 14.8% from 18% a year before.Tesla has always been a "growth" company, the up-and-coming player taking on the legacy automakers. But now the company has entered a new stage of development — it's a large, mature firm, and continuing to grow requires larger amounts of capital, discipline, and focus. There was never a moment for Musk to rest on his laurels, but after 2020 Tesla started to look less like a place where Musk was constantly innovating and more like a place where Musk sourced cash to do whatever else he wanted with his life. Maybe he got bored, or maybe he got distracted — either way, Musk stopped pushing the envelope at Tesla way too early.During the conference call, Musk had a million excuses for why this quarter was so poor — Houthi agitation in the Red Sea, an arson in Berlin, updates at the Fremont Factory. He asserted that Tesla was not a car company but rather an AI robotics company. He spoke ad nauseam about turning Tesla into a self-driving Uber service but refused to answer any questions about the Model 2. Look over here. Look over there. Pay no attention to exactly how we're going to deliver his cheaper car. Wall Street has fallen for this before, and it's becoming embarrassing that it has fallen for it again — especially at a time when Tesla and the EV market are in such a different position. The gestures toward actually producing the Model 2 drove a post-earnings stock pop, but given Musk's years of distraction and myriad projects, shareholders should be more concerned that he may fritter away Tesla's resources on something else — whether that's <a target="_blank" href="https://www.businessinsider.com/elon-musk-xai-luring-more-investors-spv-high-fees">an AI that can copy his voice</a>, turning X into a dating app for libertarians, or building another vanity clown car. If the Model 2 doesn't come ASAP, it's tantamount to Tesla waving the white flag in the global EV wars for the foreseeable future. Forget growth — now the company that should have been America's EV juggernaut needs to figure out survival.When Musk entered the EV Thunderdome, Tesla was the only game in town, interest rates were at 0%, and most of the country was convinced he was Iron Man. Since then, China has become an EV power player, legacy automakers have been trying to get a cut of the action, debt has become more expensive, and half the country has started to think Musk is Lex Luthor. Things have changed, and Tesla's leadership needs to change along with them or get left behind.<a target="_blank" rel="" href="https://www.businessinsider.com/author/linette-lopez">Linette Lopez</a> is a senior correspondent at Business Insider.

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