Tesla quickly became a household name, both for the innovative nature of its vehicles and the activities of its CEO, Elon Musk.
What's happening?
This has been a tough year for the company, however, and the bad news keeps coming, according to The Street.
Tesla's market share in the United States is the lowest it has been since 2017, Reuters reported. European sales are also down.
"Europe is our weakest market," Musk said at the Qatar Economic Forum in May. "But we're strong everywhere else. Our sales are doing well now, and we don't anticipate any shortfall."
Recent news from China and India paints a dour picture for the company as well. As The Street explained, EV attitudes are ramping up in India, but Tesla is only delivering 350 to 500 cars there this year.
As of May, deliveries were declining in China as well, according to Electrek.
Why is electric vehicle success important?
For some, the name Tesla is almost synonymous with electric vehicles. In these instances, bad attitudes toward Tesla can bleed into bad attitudes toward the transition to EVs.
Transitioning to EVs is important for the environment.
In the U.S., the transportation industry makes up about 28% of the country's contributions to the heat-trapping pollution that is exacerbating rising global temperatures. To mitigate this, we need to shift from burning dirty energy sources such as gas.
Some opponents of EVs say that mining for components and producing the automobiles has a large impact on the environment. However, the U.S. Environmental Protection Agency has debunked the myth that EVs are worse for the environment. While mining and production do produce pollution, the life cycle pollution of an EV is much less than that of a gas-powered vehicle.
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Yes 👍 According to research published in Eco-Environment and Health, more EVs will also benefit public health, as urban areas and other high-traffic locations will have less air pollution.
What's being done about Tesla?
In April, Reuters reported that investors were pleased when Musk said he would step away from his political involvements and focus more on Tesla.
Earlier this month, Tesla published the Master Plan Part IV. Guided by ideals of growth and autonomy, it notes a shift to focus more on artificial intelligence. Many environmentalists are concerned about the large energy cost of leveraging AI, and only time will tell if this change will revive Tesla's market shares and brand image.
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