Dem
47
GOP
53
Lots and lots of people are trying to unload their Teslas right now. There are two fundamental dynamics in play. The first, of course, is that Elon Musk has made the brand toxic to many people, and in many places. The second is that what was once cutting-edge tech is now long-in-the-tooth tech, and in cars that, even at the height of their popularity, were rather well known for manufacturing defects.
Particularly hard-hit is the Cybertruck. When that model was first announced, Tesla claimed there were over a million pre-orders. Maybe that was true, and maybe it wasn't, but the fact is that they've only delivered 46,000 of them so far. They've also got 2,400 more ($200 million in inventory) ready to go, but can't find many takers. The Cybertruck already looked like fascism in vehicular form, even before Musk took his far-right turn. It's also got a particular reputation, even among Tesla products, for mechanical issues. Oh, and also a reputation for being unsafe.
This week, the Cybertruck lost a very big customer. That customer is... Tesla itself, which announced that it would no longer buy used Cybertrucks or accept used Cybertrucks in trade for new Cybertrucks. The problem with used Cybertrucks is that... Tesla just can't sell them. They have further advised that if someone thinks their Cybertruck is no good, that person should file a lemon law suit. If they can convince a judge, they can get their money back.
Naturally, if a company that has lots with "TESLA" on the marquee, and that attracts customers interested in buying a Tesla, cannot sell Cybertrucks, then it does not give much hope to anyone else who might try to sell a Cybertruck. And so, the cost of used Cybertrucks has dropped 55% in the last year, 13% in the last 3 months, and 6% in the last month. Will Tesla be around in 5 years? Perhaps. Will the Cybertruck? Hard to see how. And it couldn't happen to a nicer CEO. (Z)