This year has been an eventful year for American electric vehicle carmaker Tesla Inc. (NASDAQ: TSLA). The pioneering EV maker provided investors with an impressive 100% return on stock, but its performance in 2024 is still uncertain, especially since Tesla’s heavily traded stocks often go through outsize moves.
Sweeping price cuts across the electric-vehicle industry have had a considerable effect on Tesla’s margins. While EV makers such as Tesla leveraged their monopoly to sell their EVs at premium prices for the past decade, increasingly intense competition seems to be putting an end to the era of premium electric cars.
Tesla has faced especially fierce competition in China as local automakers are heavily reliant on large government subsidies to cut down production costs and sell their EVs at lower price points. As a result, Tesla has been forced to cut its prices several times in a bid to remain competitive in China and even the United States to boost demand for its offerings and remain competitive.
A charging deal between Tesla and Ford will grant Ford EV drivers access to Tesla’s network of 12,000 superchargers beginning next year. News of the partnership came shortly after Ford CEO Jim Farley announced that he would meet with Tesla CEO Elon Musk to discuss means of boosting electric-vehicle adoption in the country.
Tesla runs the largest EV supercharger network on the globe, and until a few years ago, the network was only available to Tesla drivers. However, the Texas-based automaker has been slowly expanding access to non-Tesla drivers, and many automakers have begun adopting Tesla’s proprietary charging connector.
Tesla will provide Ford EVs with an adapter to enable access to its chargers, but Ford will begin delivering EVs equipped with Tesla’s North American Charging Connector (NACS) rather than the Sandard CCS standard. Other automakers, including General Motors, Honda, BMW, Hyundai, Nissan, Toyota and Mercedes-Benz, have also signed agreements to gain access to the Supercharger network.
The Tesla Cybertruck finally launched after several years of intense anticipation. Although its debut was marred with controversy over its unconventional design and Elon Musk’s failed attempt to demonstrate the Cybertruck’s sturdy exterior, customers waited faithfully for years to receive the electric truck.
After the coronavirus pandemic and supply chain issues consistently hindered the truck’s development, Tesla finally began shipping the first Cybertrucks to customers in late November. According to Musk, the fact that the Cybertruck even made it to production is a “small miracle.”
Musk expects Tesla to reach an annual production rate of 250,000 units but notes that the company will have to overcome “enormous challenges” before it achieves production volume for the Cybertruck. Furthermore, he contends that it will take 12 to 18 months for the electric truck to be cash-flow positive.
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