
Nissan to be attentive to electric automobiles in Europe
September 26, 2023: On Monday, Japanese automaker Nissan revealed its dedication to transitioning to completely electric …
June 4, 2021: -On Wednesday, Elon Musk brings electric vehicles into the mainstream with Tesla. Now the EV company is grappling with the consequences of its innovation, former Ford Motor CEO Mark Fields told CNBC.
“One of the many things he did is he pushed the industry toward taking EV seriously,” Fields said of Musk, Tesla’s chief executive.
. “He has a true competition now, and that’s why you’re seeing some of their share in a few of the major markets under a lot of pressure,” he added.
Tesla shares fell for the third straight session against the backdrop of multiple challenging headlines for the car manufacturer. The San Carlos, California-based company lost some of its grip on the electric vehicle market in April.
Fields were critical of Tesla’s reliance on selling carbon credits to supplement its profits, suggesting it’s a harbinger of more challenges.
“When you looked at their year-to-date earnings and their earnings last year, they made a heck of a lot in selling CO2 credits than they did their total company profit and net profit,” Fields said.
“As those credits dry up, there will be a lot of pressure to make money and better margins on their vehicles,” Fields added.
According to Credit Suisse analyst Dan Levy, the Global market share of Tesla was 11% in April, decreased from 29% in March. He noted share losses in China, Europe, and U.S. markets.
Fields attributed the shift in EV market share to traditional auto giants, like General Motors and Ford, which makes headway in the space as new products are announced and come online.
He highlighted that Volkswagen is leading in EVs in Europe and the Ford Mach E is taking share in the U.S. Ford, which Fields led amid 2014 and 2017, in May revealed its electric F-150 to much fanfare.
After soaring in 2020, Tesla shares have decreased above 14% till now in 2021. The stock, which trades just like a tech stock, closed 3% lower Wednesday at $605.12 a share.
The shares of traditional car companies, which took the form of cyclical stocks, are up double digits this year and have outgained the market on Wednesday.
Ford shares have put up some of the most significant gains, rallying almost 69% this year to $14.91 at the close of Wednesday.
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September 26, 2023: On Monday, Japanese automaker Nissan revealed its dedication to transitioning to completely electric …
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