Is Tesla a tech company or just another automaker?
Marketplace All-in-One
Marketplace
4.5 • 1.4K Ratings
🗓️ 26 January 2024
⏱️ 7 minutes
🧾️ Download transcript
Summary
Tesla had a rough 2023. On Wednesday, CEO Elon Musk warned Chinese electric vehicle maker BYD could overtake global competition without trade barriers, and investors weren’t so impressed. The company’s stock closed down 12% yesterday. Plus, we’ll dig into the most recent PCE data and hear about Japan’s deflation problem.
Transcript
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| 0:00.0 | That deflating balloon sound you may have heard was the stock of the electric car company |
| 0:06.7 | Tesla yesterday. |
| 0:08.3 | I'm David Brancaccio in New York. |
| 0:10.1 | Tesla stock closed down 12% yesterday after profits for the last quarter and production guidance |
| 0:16.3 | for the coming quarters was less than dazzling. |
| 0:19.0 | Plus, CEO Elon Musk suggested Chinese electric car companies are going to eat everyone's lunch |
| 0:24.7 | if the U.S. industry does not get federal protection. |
| 0:28.4 | Marketplace's Novasafo has more. |
| 0:30.9 | Tesla had a rough 2023, missing its sales targets despite discounting, which also lowered |
| 0:36.2 | its profit margins. |
| 0:37.8 | But there were two remarks from Elon Musk during an analyst call on Wednesday that got the |
| 0:42.2 | most attention. The first was a prepared |
| 0:44.6 | remark. |
| 0:45.6 | Tesla is currently between two major growth waves. |
| 0:47.6 | Okay, so when's the next one? |
| 0:50.2 | Musk couldn't say. |
| 0:51.2 | It depended on when the company could produce a planned cheaper electric vehicle, |
| 0:55.3 | maybe sometime late next year, he said. The second comment, off the cuff, came in response to a question |
| 1:01.2 | about competition from Chinese automakers, |
| 1:04.0 | particularly China's biggest EV maker, |
| 1:06.2 | BYD, which has its site said on the North American market. |
| 1:10.1 | The Chinese car companies are the most competitive car companies in the world. |
... |
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