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<keyword id="20163833" type="General" weightage="100" keywordseo="Passenger-vehicle" source="keywords">Passenger vehicle</keyword> wholesales in India declined 2.5 per cent year-on-year to 3,41,510 units in July, impacted by high base effect as well as companies reducing vehicle dispatches to dealers amid moderation in demand. The overall passenger vehicle (PV) dispatches from companies to dealers stood at 3,50,355 units in July 2023, <keyword id="20081560" type="General" weightage="20" keywordseo="automobile-industry" source="keywords">automobile industry</keyword> body <keyword id="20185536" type="General" weightage="20" keywordseo="SIAM" source="keywords">SIAM</keyword> said on Wednesday. <keyword id="21653561" type="General" weightage="20" keywordseo="utility-vehicles" source="keywords">Utility vehicles</keyword> continued to drive sales of PVs, clocking 1,88,217 units last month, as against 1,80,831 units in July 2023, a growth of 4.1 per cent, as per the data issued by the Society of Indian Automobile Manufacturers (SIAM). Passenger cars, however, recorded a drop of 12 per cent at 96,652 units, as against 1,09,859 units in the same month last year. Industry observers pointed out that after high-paced growth witnessed in the past couple of years, the industry is witnessing moderation in demand. Besides, Original Equipment Manufacturers (OEMs) also undertook stock corrections in July to reduce inventory in the network. As per SIAM data, <keyword id="22783202" type="General" weightage="20" keywordseo="two-wheeler-wholesales" source="keywords">two-wheeler wholesales</keyword> grew by 12.5 per cent to 14,41,694 units last month, as compared to 12,82,054 units in July 2023. <keyword id="20067449" type="General" weightage="20" keywordseo="motorcycles" source="keywords">Motorcycles</keyword> wholesales were up 4.1 per cent at 8,50,489 units in July 2024, as against 8,17,206 units in the year-ago month, SIAM said. Scooters sales were up 29.2 per cent at 5,53,642 units last month, as against 4,28,640 units in the year-ago period. Three-wheeler wholesales also rose 5.1 per cent to 59,073 units from 56,204 units in July last year. "Though three-wheeler and two-wheeler segments are performing well, there has been some de-growth of passenger vehicles and commercial vehicles in July 2024, compared to July 2023," SIAM President Vinod Aggarwal said in a statement. He, however, said the above average rainfall coupled with upcoming festive season is likely to again propel growth in the short term. "In addition, enabling budget announcements which emphasise on overall economic growth with fiscal support for infrastructure and rural sector should augur well for the auto sector in the medium-term," Aggarwal said.

Domestic passenger vehicle wholesales dips 2.5% at 3,41,510 units in July: SIAM

<ul class="summary-list"><li>Companies from United to Nestlé have talked about a sales slowdown due to the presidential election.</li><li>Experts say some shoppers are holding back until after November 5 — but not everyone.</li></ul>Companies are bracing for people to shop, travel, and drink less around <a target="_blank" class="" href="https://www.businessinsider.com/what-is-going-on-with-economy-jobs-inflation-election-voting-2024-10">Election Day</a>.Executives at some major brands have said on earnings calls in recent weeks that they expect their <a target="_blank" class="" href="https://www.businessinsider.com/election-impact-companies-trump-harris-2024-10">financial results to take a hit</a> around the time voters will decide between Vice President Kamala Harris and former President Donald Trump. They range from Constellation Brands, the maker of Modelo, which expects fewer people to go out drinking around the election, to airlines like United and Delta, which often see passenger counts dip around Election Day.Some companies already have seen political news distract customers. When a gunman died after injuring Trump at a rally in Butler, Pennsylvania in July, for instance, Amazon saw some people put off making purchases on the website, CFO Brian Olsavsky said in August."A lot of times, purchases will defer and people will come back and buy what they were going to buy," Olsavsky said on a call with reporters. "And other times — that won't happen."Other companies have invoked the election but not provided details about the dynamics leading consumers to pull back. Anna Manz, CFO of Nestlé, said on the company's earnings call last week that it's facing a slowdown in the US and "concerns around the elections are playing out." Nestlé did not immediately respond to a request for more details from Business Insider.Research suggests that some consumers — though not all — do indeed reduce purchases around the event.Some shoppers are holding off on making purchases until after November 5, according to a September survey of 400 Kroger shoppers by 84.51, the grocer's marketing subsidiary. Eighteen percent of those surveyed said they were holding off on buying big-ticket items such as electronics or appliances. Slightly smaller percentages said they were holding off on an investment decision or buying a car.Consumers might be holding off on big purchases because they need loans and hope that interest rates will fall more in the months after the election, said Alex Trott, director of insights at 84.51. But some might not actually care as much about the election as the seasonal promotions that tend to follow in November and December, she added. "We are also bumping up against a holiday season where there are always sales," Trott said.People under 34 were also more likely than older consumers to put off a major financial commitment until after the election, 84.51 found.Older consumers, such as Baby Boomers and members of Gen X, "can make some of these bigger decisions," said Trott. "Younger people don't have that spending power. They are sensitive to these smaller price changes."Most people — 53%, according to 84.51 — said they weren't delaying any big purchases as a result.This US election is taking place after years of inflation have squeezed consumers. <a target="_blank" class="" href="https://www.businessinsider.com/pennsylvania-grocery-store-voters-talk-economy-inflation-harris-trump-2024-10">The economy is a top concern</a>, voters told BI this week. Deutsche Bank said <a target="_blank" class="" href="https://www.businessinsider.com/sticky-inflation-outlook-risk-cpi-fed-rate-cuts-geopolitics-recession-2024-10">inflation will remain stickier than expected</a>.Many companies are also forecasting that demand will return after either Trump or Harris wins the election. Modelo maker Constellation, for instance, said it expects beer demand to pick up again.Ron Hill, a professor at American University's Kogod School of Business, said consumers' retreat could last longer if determining who won takes weeks.Polls show that the <a target="_blank" class="" href="https://www.businessinsider.com/harris-trump-presidential-election-swing-state-polls-sun-belt-2024-10">race between Trump and Harris</a> is close to a toss-up just over a week ahead of Election Day. If the race comes down to a single evenly divided state, as it did in 2000, when it took five weeks beyond election day to determine that George W. Bush had won the White House, shoppers might spend more time focused on that news and less time making discretionary purchases, Hill said."That's going to be hell to pay" if that happens, he said.

Election Day stress is affecting some companies' sales

New Delhi [India], July 12 (ANI): The <keyword id="20025828" type="General" weightage="20" keywordseo="two-wheeler-sales" source="keywords">two-wheeler sales</keyword> in India in June registered a growth of 21.3 per cent year-on-year (Y-o-Y), highlights the sales data released by the <keyword id="20163832" type="General" weightage="20" keywordseo="society-of-indian-automobile" source="keywords">Society of Indian Automobile</keyword> Manufacturers (SIAM) on Friday. The data highlighted that in June the total sales of the two wheelers were recorded at 16,14,154 units which is a 21.3 per cent increase from 13,30,826 two wheeler sold in June 2023. The sales of the scooters also surged to a record 42 per cent Y-o-Y in June to 5.4 lakhs, last year in June it was at 3.8 lakhs. The sales of Bikes also registered two-fold growth with sales increased by 11 per cent in June to 10.3 lakhs as compared to 9.1 lakh last year during the same period. The <keyword id="20028264" type="General" weightage="20" keywordseo="passenger-vehicle-sales" source="keywords">passenger vehicle sales</keyword> also registered a growth of 3 per cent Y-o-Y in June. The total passenger vehicle sales during June stands at 3,37,757 units, it was 3,27,788 units during June 2023. The sales of <keyword id="20412606" type="General" weightage="20" keywordseo="three-wheelers" source="keywords">three-wheelers</keyword> surged twofold by an increase of 12.3 per cent, according to the data total 59, 544 units of three wheelers were sold in June 2024 as against 53, 025 units sold in June 2023. The sales data for June demonstrates a positive outlook for the Indian <keyword id="20081560" type="General" weightage="20" keywordseo="automobile-industry" source="keywords">automobile industry</keyword>. The substantial growth in two-wheeler sales, particularly scooters and motorcycles, along with the steady increase in passenger and three-wheeler sales, reflects a resilient and expanding automobile market in India. Earlier in May, the sales of passenger cars dropped by over 11 per cent, according to the data by the Society of Indian Automobile Manufacturers (SIAM). The domestic sales of passenger cars also slipped 11 per cent from 1,20,364 units in May 2023 to 1,06,952 units in May 2024. The auto companies also reduced the production of passenger cars by 13 per cent, from 1,63,619 units in May 2023 to 1,42,367 units 2024. Export of passenger cars too saw a drop of about 20 per cent from 35,806 units in May 2023 to 28,802 units in May 2024. However, the sales number of June showed the positive signs of growth in the automobile industry.

Auto sales see a positive trend in June, two-wheeler sales register 21% annual growth: SIAM data

<ul class="summary-list"><li>10-20% of car shoppers are sidelined by affordability issues, one expert estimates.</li><li>More affordable car segments were most popular among buyers in July.</li></ul>The automotive industry is in danger of running out of rich people, according to one economist.Cox Automotive's chief economist, Jonathan Smoke, spoke at a recent industry conference about the effect a "bifurcated economy" is having on the car business. Wealthy consumers are still willing to pay up for expensive cars, while another 10-20% of the market is sidelined by <a target="_blank" class="" href="https://www.businessinsider.com/car-buying-shopping-tips-dealers-inventory-pricing-interest-rates-pandemic-2023-3">affordability issues</a>, he said.The average price paid for a new car in July was $48,401, according to Kelley Blue Book estimates. While <a target="_blank" class="" href="https://www.businessinsider.com/the-new-car-market-is-a-little-less-brutal-2024-3">affordability has been improving</a> since the pandemic when vehicle shortages and a lack of deals sent prices skyrocketing, Smoke said consumers with subprime credit are facing more pronounced affordability challenges.That could pose a problem for car companies, which still rely on big, expensive cars to <a target="_blank" href="https://www.businessinsider.com/tesla-challenges-amid-hybrid-craze-ford-gm-gas-profits-2024-4">support their bottom lines</a>.US car sales last month reflected a demand shift toward more affordable segments despite the industry's high average transaction price.Small and midsize SUVs are some of the most popular vehicles in the US market—1 in 4 vehicle sales in July were in these segments. According to Cox data, these cars are getting the most <a target="_blank" href="https://www.businessinsider.com/car-buying-tips-discounts-incentives-rebates-increase-high-interest-rates-2023-3">discounts</a> in the industry right now, leading to transaction prices between $30,000 and $36,000.Smoke said this "tale of two cities" version of the automotive industry is leading to underperformance, with the new and used car markets combined operating between 5 and 10% below the industry's true potential, according to analyst recaps from the event. <h2 id="90815556-a2b0-4d84-8491-28bcf85f445b">What happens when the auto industry runs out of rich people?</h2>Other studies paint an even gloomier picture of the industry right now, with some industry experts warning car companies to course-correct on affordability.A recent report from <a target="_blank" class="" href="https://www.cars.com/articles/new-car-market-sees-sharp-decline-in-sub-30000-vehicles-according-to-cars-commerce-industry-insights-report-487951/">Cars.com</a> found that new car demand was down 26% in July, compared to the same month a year ago, while new car supply has risen 45% in the same period.The same report, released monthly by the car-shopping website and based on pricing and consumer behavior data from across the company's platform, found that the US car market has lost more than 750,000 sub-$30,000 vehicles since 2019.Smoke has already warned about the impact a lack of affordable options can have on the automotive industry. Earlier this year, he said the US car market is on the verge of what economists call a <a target="_blank" class="" href="https://www.businessinsider.com/auto-industry-facing-deflationary-spiral-as-people-delay-buying-2024-6">"deflationary spiral,"</a> which occurs when delayed purchases cause supply to pile up and pressure prices.We're already seeing a microcosm of this issue playing out <a target="_blank" class="" href="https://www.businessinsider.com/electric-vehicle-misconceptions-about-the-ev-transition-market-sales-2024-5">in the EV market</a>, where demand has shifted sharply away from large and expensive electric cars to more practical vehicles in the segment.That has left car companies scrambling to amend their EV strategies and pushed out predictions for when car companies — other than <a target="_blank" class="" href="https://www.businessinsider.com/tesla-can-make-cars-cheaper-than-competitors-2024-6">Tesla</a> — will be able to profit from battery-powered cars.

A 'bifurcated economy' is keeping some car buyers out of the market

<ul class="summary-list"><li><keyword id="19969321" type="General" weightage="100" keywordseo="EV-charging" source="keywords">EV charging</keyword> is so bad it's driving people back to <keyword id="19951339" type="General" weightage="20" keywordseo="fossil-fuels" source="keywords">fossil fuels</keyword>.</li><li>Lack of <keyword id="20111395" type="General" weightage="20" keywordseo="charging-infrastructure" source="keywords">charging infrastructure</keyword> is already a barrier for many would-be EV buyers.</li></ul>Difficulty charging and other issues are leading some EV buyers to consider switching back to fossil fuels — the latest bad sign for the <a href="https://www.businessinsider.com/electric-vehicle-misconceptions-about-the-ev-transition-market-sales-2024-5" target="_blank">EV transition</a>. A recent consumer study conducted by <a href="https://executivedigest.sapo.pt/wp-content/uploads/2024/06/Mobility-Consumer-Pulse-2024_Overview.pdf" target="_blank">McKinsey</a> found that 46% of US EV owners surveyed said they were likely to switch back to a gas-powered vehicle, compared to a global average of 29% of EV owners who said they would likely switch back to an internal-combustion engine. Respondents in 9 major countries said the top reason for potentially ditching their EVs was<a href="https://www.businessinsider.com/electric-car-ev-road-trip-toyota-bz4x-genesis-gv60-charging-2023-8" target="_blank"> a lack of charging infrastructure</a>, something the US has historically <a href="https://www.iea.org/reports/global-ev-outlook-2024/outlook-for-electric-vehicle-charging-infrastructure" target="_blank">lagged</a> behind other nations in building. Other charging issues high on the list included a lack of charging at home and the impact of long-distance driving. <keyword id="21396729" type="General" weightage="20" keywordseo="range-anxiety" source="keywords">Range anxiety</keyword> and access to charging infrastructure have long been considered <a target="_blank" href="https://www.businessinsider.com/electric-vehicle-charging-availability-cost-automakers-tesla-supercharger-advantage-2023-2">one of the top barriers to electric vehicle adoption</a>, but the revelation that these same issues may drive current <keyword id="22369439" type="General" weightage="20" keywordseo="battery-powered-car-owners" source="keywords">battery-powered car owners</keyword> back into <keyword id="20635927" type="General" weightage="20" keywordseo="gas-powered-cars" source="keywords">gas-powered cars</keyword> is a new blow for the already rocky <keyword id="20729481" type="General" weightage="20" keywordseo="EV-transition" source="keywords">EV transition</keyword>. Despite the challenges facing the segment, EVs accounted for a record 7.6% of all cars sold in the US in 2023 while the number of charging stations hit 61,000. While the rate of growth has slowed, industry experts and executives have said they expect some EV share to grow to 8% in 2024 as new models continue to hit the market, helping to keep their <a href="https://www.businessinsider.com/ev-electric-car-deals-leases-kia-hyundai-tesla-ford-2024-6" target="_blank">average price falling.</a> While there are plenty of shoppers interested in an electric vehicle, the options on sale today are often too big, too expensive, or not practical enough to replace a gas-powered car. Car companies are already <a target="_blank" href="https://www.businessinsider.com/automakers-back-to-the-drawing-board-ev-plans-2024-2">scrambling to adjust</a> to a sudden change in the electric vehicle market in order to draw more new customers. The slowdown in electric vehicle sales growth has rocked everyone from Ford to <a target="_blank" href="https://www.businessinsider.com/tesla-sales-miss-ev-slowdown-new-wave-customers-2024-4">Tesla</a>, denting sales and forcing executives to rethink their long-term plans for electric vehicles. While the industry has made great strides in electric vehicle range and battery charging times, <a target="_blank" href="https://www.businessinsider.com/ev-charging-needs-to-improve-amenities-offerings-stores-2024-6">huge holes in the infrastructure</a> make certain areas nearly impossible to navigate without a gas-powered engine. McKinsey's study found this issue to be particularly acute in the US, which had the second-highest rate of respondents say they're considering ditching their EV. (In first place was Australia, with 49% of respondents saying they are likely to switch back.) America's high placement shouldn't come as too much of a surprise. <a target="_blank" href="https://www.businessinsider.com/electric-vehicle-range-ev-charging-station-infrastructure-issues-2024-5">Charging infrastructure here has long been a hot-potato issue</a>, which has held back efforts to build more chargers. While a push from the automotive industry to fund charging infrastructure has led to a boom in public charging stations in the last two years, these have largely been money-losing ventures. On the government side, the Biden Administration has set aside $7.5 billion for charging infrastructure with a vow to add 500,000 EV charging stations by 2030. But that effort in reality has played out slowly so far, with only a handful of stations going live since the funding was approved two years ago. Addressing charging infrastructure is already high on the industry's list of priorities when it comes to removing barriers to adoption, but the fact that it might also drive existing EV owners away only amplifies the issue. Correction: July 9, 2024 — An earlier version of this story misidentified where respondents who said they were considering switching back to gas-powered cars because of charging issues were located. They were in 9 countries, not only the US.

EV charging is so bleak that some owners are considering going back to gas-powered cars, survey finds

<ul class="summary-list"><li>Elon Musk has a big task this week: convincing investors that Tesla is more than just a car company.</li><li>On Thursday, the Tesla boss will lead Tesla's Robotaxi Day and share updates on driverless cars.</li></ul>Over its roughly 100-year history, the Warner Bros. studio in Burbank has set the stage for some of America's most iconic stories. It may do so once again as <a target="_blank" href="https://www.businessinsider.com/tesla-ceo-elon-musk">Elon Musk</a> prepares to use the studio lot to tell another story: that Tesla is more than just a car company.On Thursday, the billionaire Tesla boss is set to take <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-robotaxi-event-warner-bros-discovery-studio-report-2024-9">center stage at the historic site</a> in California to host Robotaxi Day. The long-awaited event — originally scheduled for August — is meant to give weight to the electric vehicle maker's pitch that it is a tech company first and a car company second.More and more, Musk has been positioning Tesla as a company not just focused on accelerating the clean energy transition, much like other traditional automakers, but as one that has plans to lead in artificial intelligence, robotics, and autonomous vehicles.Musk has played his part in generating hype, <a target="_blank" href="https://x.com/elonmusk/status/1839124331709751451">sharing a poster about the event on social media</a> titled "We, Robot," alongside claims that the day will be "one for the history books." But as Musk prepares to unveil a major part of his vision for Tesla's future, he faces a high-stakes situation.<h2 id="a84658bb-034b-4957-b8b0-ec898b9907ad">Tesla's high-risk pivot</h2>Musk has given investors strong signals over the years about his intent to evolve Tesla into something more than just an EV maker.Back in 2019, at Tesla's then-headquarters in Palo Alto, the EV chief told shareholders that by 2020, he was confident that <a target="_blank" href="https://www.businessinsider.com/tesla-robo-taxis-elon-musk-pt-barnum-circus-2019-4">a fleet of one million driverless robotaxis</a> would swarm the streets and carry passengers. Though he missed this deadline, he has driven Tesla into other areas.In July, <a target="_blank" href="https://x.com/elonmusk/status/1815329637188202550">Musk wrote on X</a> that "Tesla will have genuinely useful humanoid robots in low production" for internal use next year and hopes to ramp up production to sell them to other companies in 2026. A prototype first shown in 2022 has been dubbed "Optimus."More broadly, Musk could look to humanoid robots and driverless cars as a way for Tesla to generate value from AI, the hyped technology put firmly on Silicon Valley's agenda after Musk's fellow cofounder at OpenAI and nemesis Sam Altman released ChatGPT in late 2022.That Tesla can capture a broader opportunity through robots and AI is not just Musk's conviction. Andrej Karpathy, Tesla's former director of AI, said in a <a target="_blank" href="https://open.spotify.com/episode/468FvK4ndE4nWgxFdOob4h?si=tLshtVhrQuSDKcOV7LazOQ">recent episode of the No Priors podcast</a> that he doesn't think Tesla is a car company; in his view, "cars are basically robots." Meanwhile, in July, <a target="_blank" href="https://x.com/DivesTech/status/1808269373209031018">Wedbush analyst Dan Ives claimed</a> the "Tesla AI story could be worth $1 trillion-plus and is the most undervalued AI name."<div type="image" title="Former Tesla AI director Andrej Karpathy." height="3132" width="4986" msid="114021292" hostid="261" sizebytes="259866"></div>However, what's critical to note is the timing for Tesla's robotaxi push. It comes at a tough moment for Elon Inc. For one, Tesla has been unable to escape sales pressure that has hit the wider EV market.In the first half of the year, <a target="_blank" href="https://www.sec.gov/Archives/edgar/data/1318605/000162828024032662/tsla-20240630.htm">Tesla generated $46.8 billion in revenue</a>, down from $48.3 billion in the same period last year. While Tesla posted a 6.4% year-on-year jump in deliveries for its third quarter, its value remains over $600 billion short of the $1.2 trillion peak it hit in November 2021.Caspar Rawles, chief data officer at Benchmark Mineral Intelligence, an industry firm focused on market prices and supply chain data for EVs, expects EV growth to continue long-term but acknowledges that recent macroeconomic headwinds have led to a slowdown."You've seen higher interest rates, inflation, all kinds of hangovers from the pandemic," Rawles told BI. "EV sales have grown far more quickly than traditional internal combustion engine vehicles; they're just not growing as quickly as people thought."Reactions to Musk's overall brand have become more visceral as Tesla's shareholder base has split on his leadership following his controversial transformation of Twitter into X and his <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-donald-trump-rally-butler-pennsylvania-assassination-attempt-2024-10">endorsement of former President Donald Trump.</a>"Elon bought Twitter and decided that he was going to become a global leader for the rightwing country of Elonville," said Ross Gerber, Gerber Kawasaki Wealth and Investment Management CEO and Tesla shareholder.Gerber told BI that while he believed EVs are a business that can be "wonderfully profitable" — something that made the case strong to invest in Tesla in years prior — he feels far less confident about the robotaxi pivot.This is largely because Musk will be entering a market where competitors have a headstart. Waymo, owned by Google's parent company, Alphabet, <a target="_blank" href="https://www.uber.com/newsroom/waymo-on-uber/">struck a partnership with Uber</a> last year. BYD, a <a target="_blank" href="https://investor.uber.com/news-events/news/press-release-details/2024/Uber-and-BYD-Partner-to-Accelerate-Global-EV-Transition/default.aspx">Chinese EV maker, has also partnered with Uber</a> to bring "autonomous-capable vehicles" to customers globally.In China, Tesla's biggest market outside the US, local internet giant Baidu has already deployed a robotaxi fleet called Apollo Go, first launched in Wuhan in 2022. It is aggressively enticing consumers with heavy subsidies that translate to dirt-cheap fares."Robotaxis, in theory, could be profitable as long as there's not a lot of competition," Gerber told BI. "The problem is that there is, and it's already on the road."Questions also remain over how confident regulators are about the safety of robotaxis. Last year, GM-owned self-driving company <a target="_blank" href="https://www.businessinsider.com/cruise-slashes-robotaxi-fleet-half-after-collision-incidents-san-francisco-2023-8">Cruise took a reputational hit following crashes</a> involving its vehicles. Incidents like this have a knock-on effect on how the wider autonomous vehicle space is perceived, including Tesla's robotaxis. That's especially true because experts think the fully realized version of Musk's robotaxi ambitions presents technical challenges. Paul Miller, principal analyst at Forrester, said full autonomous driving means "a vehicle should be able to drive itself pretty much anywhere a human driver could, on any type of road, in any weather conditions.""It's more achievable to allow cars to drive themselves on particular types of road, in known locations, and in specific conditions," he said ahead of Tesla's Robotaxi Day.Clearly, then, Musk has a big story to tell on Thursday. Under the Hollywood lights, he'll be hoping investors are willing to believe in it as much as he is.

Elon Musk is ready to make his biggest pitch yet that Tesla is more than just a car company

<ul class="summary-list"><li>It's been years since <a target="_blank" class="" href="https://www.businessinsider.com/tesla-history-founders">Tesla</a> meaningfully changed the appearance of many of its cars.</li><li>The aging vehicles have a negative impact on consumer interest, experts say.</li></ul>Tesla has a problem. Its cars are getting stale.Sure, there's the Cybertruck — if you want a large truck and ordered early enough to actually get one.But people looking for a flashy new design in Tesla's more traditional car lineup are stuck waiting for now.The Model S and Model X used to be the ultimate status symbol. Some of the first Tesla owners were <a target="_blank" class="" href="https://www.businessinsider.com/18-celebrities-who-drive-tesla-cars-2016-3">celebrities</a>. In 2020, TikTok star Addison Rae made headlines when she was spotted in her bright pink Tesla Model X. Nearly four years later, the car doesn't look much different and sales are slumping."How long can Tesla get away with the same basic car?" Auto Trader editor Brian Moody told Business Insider. "People are fickle. They want the next new thing."Tesla hasn't updated some of its models in years. Tesla CEO <a target="_blank" class="" href="https://www.businessinsider.com/tesla-ceo-elon-musk">Elon Musk</a> has <a target="_blank" class="" href="https://www.reuters.com/business/autos-transportation/tesla-will-not-launch-refreshed-model-y-this-year-musk-says-2024-06-09/">said</a> there aren't any plans to refresh the Model Y, which came out in 2020, this year. And the design of the Model S and Model X hasn't been meaningfully updated since 2021.Instead, Tesla's playbook so far seems to be subtle refreshes that only an eagle-eyed fan would notice when driving by.The carmaker released a refreshed <a target="_blank" class="" href="https://www.businessinsider.com/tesla-model-3-highland-update-photos-price-features-2024-1">Model 3 Highland</a> earlier this year, tweaking the car's front end to make it sleeker, eliminating the stalks on the steering wheel, and adding superior suspension and sound insulation. But the average person walking by it in a parking lot could easily mistake it for the model that launched years ago."If you already have a Tesla there's no reason to go back and buy a new one," Edmunds' director of insight Ivan Drury told BI. "And if you're a first-time buyer, wouldn't you rather get something that's actually new?"Tesla released its first new car in four years in November when it began <a target="_blank" class="" href="https://www.businessinsider.com/tesla-cybertruck-price-release-event-delivery-truck-live-updates-2023-11">deliveries of the Cybertruck</a>, but the futuristic pickup has proven a polarizing vehicle and its over $60,000 price point means the truck might not be for the masses just yet."That would have been the perfect opportunity for a brand refresh," Moody said of the Cybertruck release. "If Tesla was a traditional automaker, it would filter that style down to its other vehicles."While Musk has argued that Tesla's vehicles are never outdated due to the company's frequent software updates, Moody said new buyers are more likely to be attracted to something tangible, like a new exterior design or a new product entirely.During <a target="_blank" class="" href="https://www.businessinsider.com/tesla-stock-tsla-earnings-call-report-live-updates-2024-7">Tesla's earnings call</a> on Tuesday, Tesla shareholders were eager to <a target="_blank" class="" href="https://www.businessinsider.com/tesla-shareholders-want-elon-musk-to-release-new-models-2024-7">learn more about new releases</a>. Investors asked questions about timing for Tesla's revamped Roadster (which is still on the way after being shown off in 2017), its Robotaxi, and plans for a lower-cost vehicle. But Musk said little to reassure shareholders and gave vague answers, explaining that the company Robotaxi event had been delayed and reiterating that Tesla planned to unveil its cheaper EV in the first half of 2025, but failed to give any other specifics about the products.Musk blamed the lack of details on the "Osborne effect," a theory that customers will wait to buy a product when a newer one is on the way."If you start announcing some great thing, it affects our near-term sales," Musk said on Tuesday.When asked by one analyst if Tesla could filter the Cybertruck aesthetic down to other vehicles, for say a "Cyber SUV" or "Cyber van," Musk declined to talk about any future plans.Tesla's sales have <a target="_blank" class="" href="https://www.businessinsider.com/tesla-production-deliveries-second-quarter-decline-2024-7">seen a downturn</a> over the past year and the carmaker's estimated market share in the US <a target="_blank" class="" href="https://www.businessinsider.com/tesla-loses-market-share-but-elon-musk-still-wins-2024-7">fell below 50%</a> for the first time in July. <a target="_blank" class="" href="https://www.coxautoinc.com/market-insights/q2-2024-ev-sales/">Data from Cox Automotive</a> shows that while demand for Tesla's new Cybertruck is growing, the company's four other models are facing lower sales in a portion of the industry that is growing overall.A spokesperson for Tesla did not respond to a request for comment.Stephanie Valdez-Streaty, director at Cox Automotive Industry Insights, said in the report that as the EV market continues to expand, other automakers are ratcheting up the competition."This increased competition is leading to continued price pressure, gradually boosting EV adoption," Valdez-Streaty wrote. "Automakers that deliver the right product at the right price and offer an excellent consumer experience will lead the way in EV adoption."For drivers hoping to buy a Tesla sedan or crossover with a new look this year, the message from Musk has been clear: You'll have to wait.Do you work for Tesla or have a tip? Reach out to the reporter via a non-work email at gkay@businessinsider.com or 248-894-6012

Tesla's cars are starting to look pretty basic — and that's a problem

<ul class="summary-list"><li>Tesla's delivery numbers dropped for the second straight quarter in July.</li><li>The company has been scrambling to gin up orders and switch up its sales tactics over the past year.</li></ul>Once, Tesla raced to produce enough cars to meet demand. Now the company is scrambling to find customers to buy them.Tesla's delivery numbers <a target="_blank" href="https://www.businessinsider.com/tesla-production-deliveries-second-quarter-decline-2024-7">slumped</a> for the second straight quarter in July — <a target="_blank" href="https://www.businessinsider.com/tesla-loses-market-share-but-elon-musk-still-wins-2024-7">dropping below 50%</a> of the US EV market share for the first time in the company's history.The company's sales team has been struggling to adapt to a much different market, according to 14 current and former employees from Tesla's sales division in North America. The sources, whose identities are known to Business Insider, spoke on the condition of anonymity because they were not authorized to talk to the press.Over the past 24 months, the company has offered discounts, reorganized its sales teams (and then backtracked on its reorg), repeatedly shifted sales goals, and vacillated between offering commissions to salespeople and threatening their jobs with performance-improvement plans.None of it is working.Tesla is facing weak consumer interest in electric cars and increased competition from other automakers, particularly as it attempts to position its dated vehicles against newer, less expensive models from rival legacy manufacturers and cheaper Chinese upstarts. The carmaker is also attempting to fix a spate of <a target="_blank" href="https://www.businessinsider.com/elon-musk-having-terrible-year-tesla-lawsuits-compensation-2024-4">bad publicity surrounding its CEO</a>, Elon Musk — all with little in the way of advertising initiatives or traditional sales strategies.The electric-car maker made its mark by breaking industry standards with its ad-free, direct-to-consumer sales model. Now, some of Tesla's sales staff believe it's time for the company to begin <a target="_blank" href="https://www.businessinsider.com/tesla-elon-musk-acted-normal-this-year-it-worked-out-2023-12">acting like a traditional automaker</a>."Tesla is at an inflection point," a former manager, who worked at the company for several years, told Business Insider. "It's time to throw out the old manual. What's worked in the past won't work now."<h2 id="befd7b28-c0bb-4ed9-b38b-e6b3a30e6ed1">'The product should sell itself'</h2>Unlike Tesla, most traditional automakers operate on a dealership model. They farm out their sales to third-party franchisees who are heavily incentivized to offload the product using a variety of tried-and-true tactics, including promotions, financing offers, add-on products, staff commissions, and sales events.In contrast, Tesla keeps most of its inventory off-site, maintains a haggle-free pricing strategy, and relies more heavily on online sales. Its showrooms are more for educational purposes than selling. At one point in 2019, Tesla even briefly got rid of its sales team entirely, <a target="_blank" href="https://www.businessinsider.com/teslas-closing-all-its-stores-and-sell-online-might-be-brilliant-2019-3">selling cars solely online.</a>"The idea is simple: The product should sell itself," one sales advisor said regarding Tesla's strategy. "We act more as guides than salespeople."The ideal sales advisor is a person with a significant interest in tech and a passion for Musk's mission — having a sales background is a nonfactor, five workers said. In fact, Musk has made it clear that Tesla's sales advisors shouldn't have anything in common with the stereotypical "slimy salesperson" at traditional dealerships, one worker said.That strategy began to flounder in 2022. At that point, Tesla hadn't released a new model in years and had only made subtle refreshes to some of its other vehicles. Waiting lists dried up and production began to outpace delivery. The product wasn't selling itself anymore.<h2 id="8e9e4cef-e8e6-401c-8c3e-b6c8d1f34e99">Changing tactics</h2>Three current and former managers told BI that if Tesla wants to move cars off the lot, it needs to ditch the advisor model and hire experienced sales staff.The company took a step in that direction in 2022 when the sales team began hiring workers with more traditional sales and automotive experience, the workers said. Several managers said they welcomed new hires who could turn curious visitors into buyers."We needed people with more of a hunter mindset," one worker said.But if Tesla wants salespeople to hunt, it also needs to incentivize them, some managers said — namely via commissions. Tesla had largely avoided commissions since the Model 3's 2017 launch, with salespeople relying instead on annual reviews for salary increases. Three workers noted this approach did little to motivate deal closures or boost car sales.Tesla started experimenting with rewarding high-performing salespeople in 2023, offering $25 to $100 in commission for each Model S or X sold, three workers said. (For comparison, at a traditional dealership, salespeople can bring in much more — usually earning anywhere from <a target="_blank" href="https://www.motortrend.com/features/car-salesman-confidential-how-to-get-paid/">20% to 40%</a> of the profit). That initiative fell flat for some: Several workers said they were never paid, as the commission was dependent on the region hitting at least 90% of its overall goal. Tesla stopped offering incentives at many of its locations during the second quarter of this year, they said."There's a reason why the majority of sales roles offer commission," one former manager said. "It's because it works. It can't be all stick and no carrot."Fear is a common motivation tactic at Tesla, seven current and former employees said. Ten workers said they saw their daily sales goals change on an almost weekly basis. When <a target="_blank" href="https://www.businessinsider.com/tesla-managers-identify-key-roles-potential-layoffs-sign-report-2024-2">performance reviews were delayed</a> in February 2023, workers' sales targets at some locations skyrocketed, with junior-level staff sometimes seeing their goals double. A former manager said the shifting goals were mainly about hitting quarterly targets, but two sales advisors said these unrealistic expectations demotivated staff.Those who missed targets often faced performance-improvement plans and eventual termination, four sources said. One former worker said there were days when customers were so scarce it was impossible to meet their targets, making their efforts feel futile.The company increased sales workers' points of contact with customers. Since the pandemic, Tesla staff had largely been hands-off when it came to customer test drives, but in March, Musk mandated sales workers <a target="_blank" href="https://www.businessinsider.com/elon-musk-tells-staff-customers-give-fsd-demo-email-report-2024-3#:~:text=Elon%20Musk%20sent%20an%20email,%24199%20per%20month%20or%20%2412%2C000.">provide demos</a> of Tesla's Full Self-Driving software for all new buyers. This meant workers would sit in the car with the customer during test drives, which gave them more opportunities to pitch customers on the benefits of owning a Tesla.Some workers said the mandated FSD demo turned off some customers who weren't interested in the feature and made it more difficult to hit their sales targets, given the additional time the ride-alongs required. Others said sitting in on the test drive gave them more opportunity to develop a sales relationship with the customer.<a target="_blank" href="https://www.businessinsider.com/tesla-announced-major-overhaul-of-sales-and-delivery-teams-2019-12">Tesla merged sales</a> and delivery into one role in 2019, forcing sales advisors to do two jobs at once. Early this year, it reversed course, allowing sales staff to focus more on improving their relationships with customers without the distraction of handling deliveries and logistics, eight workers said. But shortly after Musk announced a <a target="_blank" href="https://www.businessinsider.com/elon-musk-sent-tesla-employees-email-announcing-layoffs-read-memo-2024-4">20% workforce reduction</a> in April, Tesla backpedaled again and reconsolidated the roles, the workers said.In 2023, Tesla started offering price discounts, which ate into profit margins but failed to solve its overproduction woes. Sales staff and managers said the price cuts initially helped bring in more traffic, but it led some customers to take a wait-and-see approach — they didn't want to put their money into something that was rapidly losing value.<h2 id="1d93f81f-88a5-496c-a779-50b303ae8439">Leaving the era of waiting lists behind</h2>Musk has waved off concerns that Tesla might be struggling to sell its vehicles. Earlier this year, Musk said his company was "between two major growth waves" and blamed rising interest rates and economic uncertainty for lackluster delivery numbers.But 10 workers told BI they believe Tesla is still struggling to transition from selling to early adopters to a larger market. While the workers see an advantage to Tesla's in-house sales department and non-predatory pricing model, these workers say Tesla needs to adopt more aggressive sales and advertising techniques, as well as address one key issue: its aging lineup.Tesla released its futuristic Cybertruck in 2023, but its $60,000-plus price point and polarizing design have made it more of a luxury vehicle than a car for the masses.Before that, the last new Tesla to hit the road was the Model Y crossover, introduced in 2020. While some individual models have been refreshed, the changes have been so subtle, they're difficult <a target="_blank" href="https://www.businessinsider.com/tesla-model-3-highland-update-photos-price-features-2024-1">even for Tesla superfans to spot</a>."Where are the product updates and facelifts?" Brian Moody, the executive editor of Autotrader, said. "Changing marketing and sales can only go so far if they don't update the products."But Musk appears to have different plans for Tesla. The billionaire had little to say about auto sales during <a target="_blank" href="https://www.businessinsider.com/tesla-stock-tsla-earnings-call-report-live-updates-2024-7">Tesla's recent earnings call</a> and has continually positioned the company as a tech, AI, and robotics company while downplaying its declining sales and overproduction issues.Musk has been vague about when a new, more economically priced Tesla model would hit the market, saying only that it could happen in 2025.Salespeople and managers, meanwhile, are left waiting for something new to sell."Every time there's a new product, there's these monthslong wait lists," one former manager said. "We can't be order takers if we don't have new products."

Tesla needs to figure out how to sell cars. Its salespeople say it's stuck in the past.

<ul class="summary-list"><li>Tesla sales were down nearly 5% in the second quarter.</li><li>The performance wasn't as bad as analysts had expected.</li></ul><a target="_blank" href="https://www.businessinsider.com/tesla-sales-miss-ev-slowdown-new-wave-customers-2024-4">Tesla</a>'s sales fell for the second straight quarter, down nearly 5% compared with the same period a year ago.While the decline in deliveries is yet another sign that an industrywide electric-vehicle slowdown is finally affecting <a target="_blank" href="https://www.businessinsider.com/elon-musk-daily-schedule">Elon Musk</a>'s Tesla, Tuesday's numbers were not as bad as some analysts had expected, sending the stock up more than 8%.Dan Ives of Wedbush, a longtime Tesla bull, called the second-quarter sales results "a huge comeback performance" for the EV company."In a nutshell, the worst is in the rearview mirror for Tesla as we believe the EV demand story is starting to return," Ives wrote in a note to clients.Tesla reported second-quarter sales of 443,956 units Tuesday morning, down about 4.7% from the <a target="_blank" href="https://www.businessinsider.com/tesla-deliveries-production-acted-like-normal-car-company-it-worked-2023-7">same quarter a year ago</a> — but above Wall Street expectations.Analysts polled by Bloomberg had expected Tesla to deliver 439,302 cars in the quarter, a roughly 6% decline compared with last year.<h2 id="cfbd356f-0cd7-4b80-8db9-57e0611e50c1">Tesla is graded on a curve</h2>When you're gauging Tesla's performance, it's important not to get bogged down in the hard numbers — at least, so say its most ardent supporters.In the first quarter, <a target="_blank" href="https://www.businessinsider.com/tesla-stock-tsla-quarterly-earnings-call-report-live-updates-2024-4">Tesla reported a huge earnings miss</a> after posting some of its worst delivery results in years. Yet Tesla's stock reversed a weekslong free fall in the days following the earnings report.Despite a mile long list of unkept promises, Musk keeps investors' trust by consistently defying expectations when his back is against the wall. Take, for example, the once seemingly doomed <a target="_blank" href="https://www.businessinsider.com/bought-used-tesla-model-3-high-mileage-happy-2024-3">Model 3</a>.While it felt the pinch of the <a target="_blank" href="https://www.businessinsider.com/automakers-over-estimated-electric-vehicle-demand-early-adopters-2023-10">EV slowdown</a> at the start of this year, Tesla's barometer for success on Wall Street no longer appears tied to its growth.Rather, Musk and his EV company are rewarded handsomely so long as the company's performance is not as bad as we all expect and <a target="_blank" href="https://www.businessinsider.com/tesla-meta-earnings-prove-power-of-musk-word-despite-promises-2024-4">Musk provides Wall Street with a plan</a> for even more growth.Most recently, that plan has hinged on an artificial-intelligence-driven robo-taxi fleet that Musk is set to provide more details on in August.Tesla is set to release its second-quarter financial results on July 23 after the market close.

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