There are specific concerns surrounding Tesla, whose market share has fallen dramatically, and consecutive bad quarters haven't helped. In ar recent podcast, Doug McIntyre and Lee Jackson point out that as EV demand drops - from 8% of total car sales earlier in the year to a projected 4% - these companies will face even greater financial losses. The two also discuss Tesla, comparing its dominance on the EV market to that which General Motors once had in the 1960s.
Severe electric vehicle (EV) price wars have already started in China. Some BYD cars cost under $23,000. And these are not tiny, urban commuter EVs. They are real sedans that carry four or five people. Tesla Inc. ( NASDAQ: TSLA) has needed to drop the price of its long-range Model 3 rear-wheel drive in the world's largest EV market. It is now priced at $37,000.