Elon Musk is still intrinsic to Tesla’s future

{"text":[[{"start":7.68,"text":"For years, Elon Musk has been the not-so-secret weapon behind Tesla’s success. "},{"start":12.734,"text":"His reputation as an indefatigable tech maverick helped to make emission-free vehicles desirable, first for the Silicon Valley crowd then the world. "},{"start":20.302,"text":"Now, his caustic online presence is considered a liability. "},{"start":24.194,"text":"But he cannot shoulder all the blame for the carmaker’s problems. "}],[{"start":28.37,"text":"Tesla on Tuesday announced vehicle deliveries in the first quarter had fallen 8.5 per cent on last year, the first year-on-year drop since early 2020. "},{"start":37.024,"text":"The shares dropped 5 per cent. "},{"start":39.092,"text":"They are down nearly 60 per cent from its late-2021 high point. "}],[{"start":44.34,"text":"Tesla blames supply problems, pointing to conflict in the Middle East and an arson attack at its Berlin factory. "},{"start":50.394000000000005,"text":"But a gap between production and delivery numbers suggests issues with demand. "}],[{"start":55.510000000000005,"text":"Musk’s polarising personality may put some customers off. "},{"start":59.31400000000001,"text":"But multiple research companies have come to the same conclusion in previous years, even as delivery numbers rose. "},{"start":65.432,"text":"In 2021, Escalent wrote he was a drawback for the brand. "},{"start":69.287,"text":"Last year, Tesla reported record deliveries, topping 1.8mn vehicles. "}],[{"start":75.53,"text":"The real problem is slowing rates of EV adoption. "},{"start":78.784,"text":"The stock is priced for nonstop growth. "},{"start":81.252,"text":"That requires a large customer base, hence Tesla’s transition from high-end, six-figure vehicles to more affordable models and deals with Uber and Hertz. "},{"start":89.482,"text":"It is targeting a pool of buyers who are more interested in price, range and charging station access than DeLorean style doors and the promise of autonomous driving software. "}],[{"start":99.27,"text":"EVs are still more expensive to make than petrol cars, partly because of the high cost of minerals required for their batteries. "},{"start":106.16199999999999,"text":"Some of the government subsidies that bridged the gap have been withdrawn. "},{"start":109.667,"text":"Meanwhile, global price wars are hurting all combatants. "},{"start":113.184,"text":"Tesla cut prices by up to 20 per cent last year amid a proliferation of low-cost vehicles from China. "}],[{"start":119.35,"text":"The good news is profitability and high share prices have allowed Tesla to bank funds. "},{"start":124.229,"text":"At the end of last year it was sitting on more than $29bn in cash and cash equivalents, up from less than $4bn five years earlier. "},{"start":132.322,"text":"It has the means to see off low-priced competitors while working on charging infrastructure and more affordable vehicles. "}],[{"start":null,"text":"

"}],[{"start":139.32,"text":"Musk’s plans are as bombastic as ever. "},{"start":142.18699999999998,"text":"On the realistic end is a $25,000 vehicle and cheaper assembly process. "},{"start":147.004,"text":"But one day, he says, Tesla and SpaceX may create something that is not “even really a car”. "},{"start":152.659,"text":"The Technoking is the reason Tesla remains the most distinctive car company in the world. "}],[{"start":157.12,"text":""}]],"url":"https://creatives.ftacademy.cn/album/148865-1712116071.mp3"}