Tesla Faces Intensifying Challenges Amid Declining Sales and Rising Competition

Tesla's market value plummets as it grapples with internal upheaval and stiff competition from Chinese EV manufacturers.

Tesla's market capitalization has dropped by over $400 billion since last July, marking a decline of more than 40%.
The company has laid off 10% of its global workforce amid falling sales and internal executive departures.
Chinese automakers like BYD are increasingly outperforming Tesla in the global EV market, offering more affordable and competitive models.
Elon Musk cancels plans for a $25,000 electric vehicle, shifting focus to developing a robotaxi service.
Despite challenges, Tesla's U.S. market share in the EV sector grew to 51.3% in the first quarter of 2024.