TECH - Elon Musk's Unfinished Projects Tied To Tesla's Stock Plunge Says Investor Ross Gerber: 'Just Coming Down To Earth To A Much More Reasonable Valuation' | Benzinga
The shares of electric vehicle heavyweight, Tesla Inc (NASDAQ:TSLA), have seen a significant drop, largely due to CEO Elon Musk‘s many unfinished projects and escalating competition.
What Happened: Tesla is dealing with several issues including a growing competition, noted investor Ross Gerber. The company has been scrambling to stay ahead of competitors like BYD in China, even resorting to considerable price cuts on certain models, reported Business Insider.
As per the China Passenger Car Association, Tesla’s China sales last month plummeted to 60,365 vehicles, marking the lowest since December 2022.
Gerber indicated that the international competition is distracting Tesla from other projects. “Investors are revaluing Tesla more as a hardware company than a software company because they are having to resort to all the levers that car companies do to increase demand,” Gerber told CNBC.
See Also: What’s Going On With Tesla Stock Tuesday?
“Those are the brand levers that gave Tesla its premium. And between Elon’s behavior and the lack of completion to a lot of ...