The share price is in freefall. Sales are sliding at an accelerating rate as customers lose interest. The Chinese are moving in, and the brand is tarnished. When Elon Musk unveils the quarterly results for Tesla later today, he will need to convince his shareholders he has a plan to turn the company around. The only trouble is, right now there is not much sign Musk has a clue what to do.
Musk is a brilliant entrepreneur. There is no question of that. But he has also spread himself too thinly
Tesla’s results this week are expected to be its worst in years. Sales have already fallen by 8 per cent in the first three months of this year, ending a decade of rapid expansion. Profit margins are getting squeezed. And Tesla’s share price has already fallen by 40 per cent since the start of the year as investors bail out. The outlook is getting worse all the time.
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