Tesla (TSLA) has seen share declines of over 33% in 2024 year-to-date, becoming a top laggard in the Magnificent Seven group of tech stocks. The EV maker is fighting an uphill battle as EV demand in the US wanes while the company has resorted to price cuts in Chinese markets.
Gerber Kawasaki Wealth & Investment Management CEO Ross Gerber, a long-time Tesla investor and critic of CEO Elon Musk, discusses the demand headwinds Tesla faces, his own leadership concerns, and how Tesla is being evaluated as a tech company rather than a traditional auto manufacturer.
“The original story that I think most investors bought into with Tesla didn’t really include Elon and Twitter. And… for a long time, we all hoped that it really wouldn’t affect Tesla and the demand for its products,” Gerber says. “We all know that that has now happened. The demand for Tesla products is obviously lower. They’ve had to discount and do many things that hurt margins and returns and, ultimately, profits for Tesla.”
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