Tesla's range anxiety
Elon Musk's automaker has been the untouchable global leader in electric vehicles for years. It's now facing greater competition than ever before.
“It's really hard to get excited about somebody who sells electric vehicles when you can see millions of electric vehicles coming out of China at really cheap prices,” Magellan portfolio manager Nikki Thomas said, referring to Tesla.
“The world has changed a lot.”
The quip, made during a Future Generation panel discussion in Sydney on Thursday, shows just how much the narrative about Tesla and its indomitable position in the EV market is being challenged.
For years, the cult brand and market darling led by Elon Musk had been positioned as the untouchable industry leader in a rapidly growing consumer market.
Fast forward to 2024 and the tune has changed. Tesla’s share price is down a full-third this year, while most of its Magnificent Seven peers grow at double-digits on AI tailwinds.
