Connect with us

Hi, what are you looking for?

Stocks

Tesla Is Off Track… Again

Elon Musk, what are you doing now? One day, Tesla is on track, the next it’s falling behind again. So what happened this time? According to Reuters, the electric carmaker’s stocks fell more than 4 percent due to word that the car developer was asking its parts suppliers for refunds of their previously made profits.

Tesla isn’t the only one asking for refunds, though. One in four customers who pre-ordered the car are now asking for refunds on their previously made Tesla 3 Sedan purchases. With both of these factors combined, it may spell downfall for Musk and his business, as there’s a clear indication that the company as a whole is turning less profits.

First, it was production speeds that were the main issue of customers recalling their orders. Now, with wind that the company itself is asking for supplier refunds, customers are getting wary that an over 2-year wait may not be worth it for the car. Additionally, many consumers were waiting on a $7,500 tax break from the U.S. government for purchasing an electric car in an effort to reduce fossil fuel emissions. After Tesla’s 200,000th car is sold in America, this tax break will be removed, and as the number of cars sold steadily rises, customers are looking to bail before it’s too late..

You May Also Like

News

In the past year, Peloton, manufacturers of stationary exercise bicycles and treadmills, has been experiencing some severe financial difficulties. The company went through a...

News

While the ongoing supply chain problems affecting the global economy have had the expected effects, they’ve also had some decidedly unexpected effects. Specifically, many...

News

As gas prices continue to rise and consumer confidence drops, not to mention the ongoing war in Ukraine, the European economy is taking a...

News

As the environmental need for electric vehicles becomes more pressing, and the car-buying public becomes more eager for them, automotive manufacturers are getting ready...

News

This morning, Coinbase CEO Brian Armstrong sent a mass email out to his company informing everyone that, as stock and crypto prices slip and...

News

Last week, a former cybersecurity expert for Twitter, Peiter “Mudge” Zatko, released a whistleblower report on the social platform. In his report, Zatko cited...

News

Zelle is a peer-to-peer payment app and service that can be used by individuals to send and receive money, in a similar vein to...

News

Earlier this week, following the third-term victory of Chinese President Xi Jinping, market shares in Hong Kong experienced a sudden, violent sell-off. Xi’s controversial...