![]() “I needed to sell some stock to make sure, like, there’s powder dry … to account for a worst case scenario,” Musk said in a Twitter spaces conversation. Musk has sold almost $40 billion in Tesla shares this year in part to pay for his $44 billion takeover of the social media site. “At the same time that Tesla is cutting prices and inventory is starting to build globally in face of a likely global recession, Musk is viewed as “asleep at the wheel” from a leadership perspective for Tesla at the time investors need a CEO to navigate this Category 5 storm,” Ives said. In recent days, analysts from Oppenheimer, Daiwa Capital Markets and Evercore ISI have all slashed their Tesla price targets. The massive decline in Tesla shares come as Musk appears increasingly distracted by his acquisition of Twitter. Tesla, which no longer has a media relations department, could not be reached for comment. Used Teslas are staying on the lot longer than other used cars - 50 days compared with the 38-day average for most other makes - before being sold, said.ģ The prices of used Teslas are plummeting. “That would reduce demand for new Teslas.” “You can’t sell your current Tesla for more money than you paid for it, which was true for a lot of the past two years,” said Karl Brauer, executive analyst at car sales website. That compares with about 5% of other brands on the used market, according to research firm Edmunds. Nearly a third of used Teslas for sale in August were 2022 models up for resale, a sign that original buyers were aiming to flip, analysts said. That’s a far cry from Tesla’s revved-up sales during the pandemic, when demand led buyers to pay more for a used EV rather than wait for months on the waitlist for a new one. ![]() During that same period, the overall price of used cars dropped just 4%. The price of a used Tesla has plunged 17% in the past five months - from a peak of $67,297 in July to $55,754 in November, according to a Reuters report. The days of paying a premium for a used Tesla are seemingly in the rear-view mirror as demand for the pioneering electric vehicle plummets. Tesla’s Cybertruck’s splashy unveiling coming this week - key details remain unknownĮlon Musk has a target on his back as Media Matters adds to X drama Elon Musk finally starts delivery of Cybertruck - here’s how much Tesla is chargingĮlectric vehicles less reliable than gas-powered cars, trucks: Consumer Reports
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