April 5 (Reuters) - Tesla's reported move to
scrap plans for a low-cost car marks the latest disappointment
for investors who have dumped shares of the automaker this year
on worries over slowing demand, an aging vehicle line-up and
rising Chinese competition.
Reuters reported earlier on Friday that Tesla has canceled
the long-promised inexpensive car but will continue developing
self-driving robotaxis on the same small-vehicle platform.
Shares of the electric-vehicle maker fell 4.7% on the news.
They were already down nearly 32% this year, as of last close,
making them among the worst performers on the S&P 500 index.
Here are five charts on Tesla's rocky ride in 2024:
MAGNIFICENT SEVEN LAGGARD
This year's slump in Tesla stock has threatened its place in
an elite grouping of companies that powered a surge in U.S.
markets in recent years, several market experts have said.
The so-called "Magnificent Seven" consists of Apple ( AAPL )
, Microsoft ( MSFT ), Amazon.com ( AMZN ), Alphabet
, Meta Platforms ( META ), Nvidia ( NVDA ) and Tesla.
But Tesla is no longer looking so magnificent, and some
analysts say AI-linked names such as Advanced Micro Devices ( AMD )
or Broadcom ( AVGO ) might be more appropriate as part
of that group of big market gainers.
SINKING MARKET VALUE
Tesla has lost more than $250 billion in market value this
year. While it remains the world's most valuable automaker,
Toyota Motor ( TM ) is slowly narrowing the gap as the
Japanese company rides a boom in demand for hybrid vehicles.
Toyota's ( TM ) shares have risen nearly 40% this year, pushing its
market value up by around $80 billion. But some analysts have
warned Toyota ( TM ) remains a laggard in pure battery EVs, which are
widely viewed as the long-term future of the auto industry.
At its peak in late 2021, Tesla's market cap surpassed more
than $1 trillion in value, but the stock has lost more than half
its value since then.
DELIVERIES SLUMP
Tesla posted a decline in quarterly deliveries for the first
time since the second quarter of 2020, when the COVID-19
pandemic shut down a significant amount of production at its
factories.
Analysts have said that the effects of Tesla's
margin-sapping price cuts to boost demand have been waning with
the company producing many more vehicles than it is handing over
to customers.
GLOBAL AUTOMAKERS SALES TOWER TESLA'S
Automakers such as Volkswagen, Toyota ( TM ) and Honda sold far
more vehicles than Tesla in 2023, yet the EV maker's market
capitalization eclipses that of Toyota ( TM ), Mercedes-Benz and
Porsche combined.
MUSK'S PERSONA POLARIZES WOULD-BE BUYERS
The number of would-be Tesla buyers in the U.S. is
shrinking, according to a survey by market intelligence firm
Caliber, which attributed the drop in part to CEO Elon Musk's
polarizing persona.
Caliber's "consideration score" for Tesla fell to 31% in
February, less than half its high of 70% in November 2021 when
it started tracking consumer interest in the brand.
Reuters spoke to five marketing, polling and car experts who
said controversies surrounding Musk's increasingly right-wing
politics and public statements are weighing on Tesla's brand and
demand.