Tag Archives: Electric Vehicles

Why Tesla Stock Is Soaring Even As Its Core Business Slumps

June 1, 2025 Tarun

Elon Musk recently promised to spend more time running Tesla. Chip Somodevilla/Getty Images

Tesla’s electric vehicle business is slowing fast. In the first three months of 2025, its revenue fell 9 percent and profit plummeted 71 percent from a year ago. In April, Tesla’s EV sales in Europe fell 49 percent year-over-year. Despite these alarming numbers, Tesla’s stock has surged—up 23 percent in the past month and nearly 50 percent since its dismal earnings report in April.

So what’s driving the rally? Much of it comes down to Elon Musk. On May 28, the Tesla CEO announced on X that his role as a special government employee is ending. The market took it as a signal that Musk is returning full-time to Tesla. Shares jumped on the news, although they had already been climbing amid earlier expectations of Musk’s White House exit.

Wedbush analyst Dan Ives, known for his often bullish stance on Tesla, lauded Musk’s public announcement as “music to the ears of Tesla shareholders.”

Still, Tesla’s stock rise isn’t as outsized as it looks at first glance. The S&P 500 is up 6.2 percent in the past month. The “Magnificent Seven” tech stocks have returned 14 percent, buoyed by renewed optimism around global trade following political volatility and tariff threats from President Trump’s “Liberation Day.” In that broader context, Tesla’s 23 percent gain—while notable—isn’t outrageous.

But the disconnect between Tesla’s stock and its business fundamentals remains striking. Tesla’s reputation in Europe has taken a hit, in part due to Musk’s political alignment, including his controversial support for Germany’s far-right AfD party. While consumers appear to be turning away, investors are betting that Musk’s renewed focus and bold promises will spark a turnaround.

One of those promises: robotaxis. Musk says Tesla will unveil its fully autonomous robotaxi on June 12 in Austin, Texas. It’s a claim he’s made before—many times. Still, the announcement rattled competitors. Uber’s stock dropped on the news.

Behind the scenes, pressure on Musk has been growing. The Wall Street Journal recently reported that Tesla’s board had quietly begun a CEO search. (Tesla denied the report). This week, Tesla chair Robyn Denholm received a letter signed by a coalition of Tesla’s institutional shareholders calling on Musk to commit to working at least 40 hours per week at Tesla.

“The current crisis at Tesla puts into sharp focus the long-term problems at the company stemming from the CEO’s absence,” the letter said. “Given Musk’s leadership roles at four private companies and his foundation, the Board must ensure that Tesla is not treated as just one among many competing obligations.”

Aside from Tesla, Musk partially owns and runs at least five other companies, including SpaceX, X, The Boring Company, Neuralink and xAI.

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The Silent Revolution: How Electric Cars Are Quietly Cleaning Cities

May 30, 2025 Tarun

Electric vehicles do more than cut carbon, they’re quietly transforming the way cities breathe, move and grow. Unsplash+

Electric vehicles (EVs) are rapidly becoming a cornerstone of sustainable urban life, improving air quality and lowering transportation-related emissions. More than a cleaner alternative to internal combustion (ICE) vehicles, EVs are reshaping how cities reduce pollution, improve public health and adapt to climate change. In 2023 alone, global EV sales grew by 35 percent, with U.S. sales rising by more than 40 percent, signaling a dramatic acceleration in adoption. This silent revolution is backed by policy mandates, cost incentives and growing public demand for cleaner transportation options.

EVs significantly reduce air pollutants like nitrogen dioxide (NO₂) and particulate matter in cities. Studies have shown that regions with high EV penetration see measurable improvements in local air quality, contributing to improved public health outcomes. For residents in high-traffic neighborhoods, this shift means fewer tailpipe emissions on their block, cleaner air to breathe and fewer respiratory issues tied to pollution.

Among the biggest advantages of electric vehicles is how efficiently they use energy. Gas-powered cars waste most of their fuel as heat—only about 12 percent to 30 percent actually moves the car. In contrast, EVs use over 75 percent of their energy to power the wheels. That means less waste and more mileage from the same amount of energy. Even when electricity comes from fossil fuels, EVs are still cleaner overall. On average, they deliver the emissions equivalent of 70 to 180 miles per gallon—far beyond what any gas car can match.

There are valid concerns about the carbon cost of battery manufacturing. Producing a typical EV battery emits between 2,400 and 16,000 kg of CO₂. This broad range can be attributed to numerous factors such as battery size, manufacturing location, energy sources used in production and the efficiency of supply chain and material extraction processes. On the flip side, the average gas-powered car emits roughly 43,500 kg of CO₂ over a standard 150,000-mile lifespan, a massive multiplier. Even in the worst-case scenario—battery production combined with coal-generated electricity—EVs still generate less lifetime carbon than ICE vehicles. In regions using cleaner energy mixes like solar or hydro, EV emissions can drop to less than half that of their gasoline counterparts.

Ownership costs also favor EVs. A 2024 Atlas Public Policy study found that EVs can save owners between $7,000 and $11,000 across the lifetime of the vehicle due to reduced fuel and maintenance costs. With fewer moving parts and regenerative braking systems, EVs have lower service requirements compared to ICE vehicles. While insurance premiums can be higher, the total cost of ownership is increasingly favorable, especially as battery prices fall and competition among automakers increases.

Range anxiety remains a barrier to adoption, but charging infrastructure is expanding rapidly. Public and private investment is increasing the number of fast-charging stations across the U.S., as more than 200,000 public charging ports are now available across the country, according to the Joint Office of Energy and Transportation. In cities, the growth of on-street and garage charging stations is making EV ownership more practical for apartment dwellers and those without private driveways. Still, rural communities face slower rollout, and their EV adoption lags behind urban areas by 40 percent in the U.S. as a result. However, these areas often have the advantage of higher homeownership rates and detached housing, making it easier to install home chargers.

Policy also plays a critical role in accelerating adoption. Governments worldwide are introducing mandates to phase out gas cars, alongside incentives like tax credits, rebates and infrastructure grants. The EU plans to phase out new ICE vehicle sales by 2035, and China’s New Energy Vehicle policy aims to have EVs comprise 40 percent of all car sales by 2030, setting the pace for global EV adoption. In the U.S., the Inflation Reduction Act provides up to $7,500 in federal tax credits for eligible EVs, while states and cities add further benefits. At the city level, these policies can directly translate into cleaner bus routes, low-emission zones and incentives for residents to make the switch—shaping healthier, quieter neighborhoods in the process. Major hubs like New York and Los Angeles are electrifying bus fleets, enforcing low-emission zones and providing grants to small businesses that switch to electric delivery vans.

While battery supply chains, recycling and infrastructure equity remain ongoing challenges, the cumulative data support EVs as a cornerstone of sustainable urban transportation. The shift toward electric mobility is not only reshaping the automotive industry—it is redefining how cities combat pollution, adapt to climate change and build long-term resilience.

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As Elon Musk Exits Washington, Tesla Investors Demand He Work 40-Hour Weeks as CEO

May 30, 2025 Tarun

Elon Musk recently promised to spend more time running Tesla. Chip Somodevilla/Getty Images

Now that Elon Musk has wrapped up his high-profile advisory role in Washington, a group of Tesla’s institutional investors is pressing him to return his full attention to the company, which has seen sales plummet in key markets in recent months. The investors point to slowing electric vehicle sales and a slumping stock price as evidence that Tesla needs Musk back at the helm.

Yesterday (May 28), Tesla chair Robyn Denholm received a letter signed by 12 major pension funds that collectively hold significant stakes in the company. As first reported by the Financial Times, the letter calls on Musk to commit to working at least 40 hours per week at Tesla.

The signatories include New York City Comptroller Brad Lander, Oregon State Treasurer Elizabeth Steiner, the American Federation of Teachers, Denmark’s AkademikerPension, and the SOC Investment Group, which collaborates with labor union pension funds to back shareholder initiatives. SOC is the investment arm of the Strategic Organizing Center, a coalition of North American labor unions.

“The current crisis at Tesla puts into sharp focus the long-term problems at the company stemming from the CEO’s absence, which is amplified by a Board that appears largely uninterested and unwilling to act in the best interest of all Tesla shareholders by demanding Musk’s full-time attention on Tesla,” the letter said.

The investors’ letter arrives as Tesla’s board reportedly weighs a new compensation plan for Musk, after a Delaware court struck down his controversial $56 billion pay package in 2023. The pension funds argue that any new agreement should come with a condition that that Musk commit to working at least 40 hours a week at Tesla.

“Given Musk’s leadership roles at four private companies and his foundation, the Board must ensure that Tesla is not treated as just one among many competing obligations,” the letter said.

Aside from Tesla, he partially owns and runs at least five other companies, including SpaceX, X, The Boring Company, Neuralink and xAI.

Musk recently promised to refocus on Tesla and scale back his role as the head of the Trump administration’s Department of Government Efficiency (DOGE). “Back to spending 24/7 at work and sleeping in conference/server/factory rooms. I must be super focused on X/xAI and Tesla . . . as we have critical technologies rolling out,” he wrote on X earlier this month.

Musk is the largest shareholder of Tesla, owning about 13 percent of the company. Its other major shareholders include institutional funds such as Vanguard, BlackRock and State Street. Because Tesla is part of the S&P 500 index (since December 2020), many pension funds that invest in index funds also own shares in Tesla. The signatories of this week’s letter collectively hold about 0.25 percent of Tesla, worth roughly $3 billion.

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The 11 Key Executives Running Tesla Behind Elon Musk’s Spotlight

May 28, 2025 Tarun

Omead Afshar, vice president of North American and European operations

Afshar joined Tesla in 2017 as a project manager in the CEO’s office after working in the medical device industry. He later became project director and, in 2020, was promoted to senior director of Tesla’s Austin Gigafactory—a role he cheekily sums up on LinkedIn with a cowboy emoji.

In 2022, Afshar stepped back from day-to-day Tesla operations following an internal investigation into Project 42, a glass-walled structure allegedly intended as a residence for Musk—an allegation the CEO has denied. During this period, Afshar became more involved in other Musk ventures, including SpaceX and X.

His Tesla profile has since rebounded, now overseeing the company’s operations in North America and Europe. Known for his close rapport with Musk, he’s reportedly earned the nickname “the Musk whisperer.”

Lars Moravy, vice president of vehicle engineering

Moravy has served as Tesla’s vice president of vehicle engineering for the past six years, leading a team of over 2,000 engineers responsible for hardware design, development, testing, automation and manufacturing. He has worked on every major Tesla model, including the Model S, Model X, Model 3, Model Y, Cybertruck and the upcoming Robotaxi.

Moravy joined Tesla more than 15 years ago, contributing to vehicle frame development. Prior to that, he spent eight years at Honda R&D. On a recent episode of the Ride the Lightning podcast, he said he made the leap to Tesla because it combined his passion for automobiles and environmental impact.

Brandon Ehrhart, general counsel and corporate secretary

Tesla appointed Ehrhart as general counsel and corporate secretary in 2023. He previously spent two decades in the telecommunications industry, most notably at DISH Network, where he served as general counsel for DISH Wireless. His legal background also includes roles at EchoStar Corporation and as an associate at DLA Piper.

At Tesla, Ehrhart leads a legal team that, according to a past LinkedIn post, aims to manage “all aspects of litigation and trial work, including briefings, hearings, discovery, depositions and trials, completely in-house.”

Franz von Holzhausen, senior design executive

Von Holzhausen brings decades of experience in automotive design to Tesla. Before joining the company, he worked on high-profile projects such as the Volkswagen New Beetle and held design positions at General Motors and Mazda. He became Tesla’s senior design executive in 2008 and has since led design efforts for every major model, including the Model S, Model X, Model 3, Model Y, Cybertruck and the second-generation Roadster.

Ashok Elluswamy, vice president of A.I. software

Elluswamy leads Tesla’s A.I. software division, a key area the company expects to expand. He has headed the team since October 2024 and, according to his LinkedIn, is focused on “anything and everything required to get self-driving 4-wheeled robots driving widely.” His previous work includes developing Tesla’s in-house computer vision system and applying A.I. to tackle complex autonomous driving challenges.

Elluswamy joined Tesla in 2014 and was later praised by Musk as the company’s first official hire for the A.I. and Autopilot team. “Without him and our awesome team, we would just be another car company looking for an autonomy supplier that doesn’t exist,” Musk wrote on X last year.

Michael Snyder, vice president of energy and charging

Snyder began his Tesla career in 2014 as a staff electrical engineer and steadily rose through the ranks of the company’s energy division. He previously served as senior director of megapack production and business before being promoted in 2024 to vice president of energy and charging. In this role, he oversees Tesla’s integrated sustainable energy ecosystem, which includes solar, storage and charging infrastructure.

Before joining Tesla, Snyder worked at engineering and energy companies including HDR, SunPower Corporation and Flack + Kurtz.

Laurie Shelby, vice president of environment, health and safety

Shelby has led Tesla’s environment, health and safety (EHS) operations since 2017, overseeing workplace safety and compliance efforts for more than 100,000 employees across automotive, energy and delivery divisions. One of Tesla’s most senior female executives, she brings decades of experience in industrial safety. Prior to Tesla, she spent 17 years at Alcoa and held key roles at Reynold Metals, Radian Corporation and Dominion Virginia Power.

Karn Budhiraj and Roshan Thomas, vice presidents of supply chain

Tesla’s vast and complex global supply chain is co-managed by two executives: Budhiraj and Thomas. Budhiraj joined Tesla in 2014, bringing prior experience from Apple’s supply chain team and a consulting background at Deloitte. He initially oversaw powertrain and electronics programs before being promoted to vice president of supply chain in 2018. He now manages key areas such as batteries, electronics, construction, manufacturing and distribution.

Thomas, who reports directly to Musk, was appointed vice president in 2020. He is responsible for vehicle and solar sourcing and other critical supply functions. Thomas joined Tesla in 2019 as a purchasing manager for propulsion, thermal and climate systems, following earlier roles in supply operations at Tellabs and Sanmina.

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Tesla’s monthly sales in Europe plunge by almost 50% amid protests and backlash against Elon Musk

May 27, 2025 Tarun

Tesla sales across Europe plummeted by almost 50% last month even as the broader market for electric cars saw growth in the region, according to data released Tuesday.

Sales of Tesla vehicles in 32 European countries tumbled 49% to 7,261 in April from 14,228 in the same month the previous year, according to the figures released by the European Automobile Manufacturers’ Association, or ACEA.

At the same time, sales of battery-electric vehicles by all manufacturers rose about 28%, the group’s data shows.

The numbers are the latest indication of how much the Tesla brand is suffering because of the backlash against billionaire CEO Elon Musk over his far-right views. Crowds have gathered at Tesla dealerships in both Europe and the U.S., with protesters objecting to Musk’s work with President Trump’s Department of Government Efficiency, which has slashed the U.S. federal workforce and been the subject of multiple lawsuits.

The protesters are aiming at Tesla to dent Musk’s fortunes, given that much of his wealth is tied up in shares of the electric vehicle maker.

“2025 started off as a dark chapter for Musk and Tesla as Elon’s role in the Trump Administration and DOGE created a life of its own which created brand damage and a black cloud over the story,” noted Wedbush analyst Dan Ives in a May 23 research note.

Musk, meanwhile, said last month he would scale back his DOGE work beginning in May in order to spend more time at Tesla. The EV company’s first-quarter earnings fell far short of analyst expectations, with revenue tumbling 9% and profit slumping 71%.

The latest European sales figures, which cover the European Union’s 27 member countries and five other nations outside the bloc, back up early data from Sweden, the Netherlands and Denmark released at the start of this month that had pointed to a sales collapse.

Tesla’s aging model lineup

While Tesla has been reeling from protests and boycotts over Musk wading into politics, it also faces other factors including an aging model lineup and intensifying competition from rival electric vehicle brands, particularly from China.

Mr. Trump’s trade war has also turned Europeans off buying American brands. In recent days, Trump threatened to impose a 50% tariff on EU goods, accusing the bloc of being “very difficult to deal with,” before agreeing to delay the duties until July.

In one sign that Tesla appears to be losing ground to cut-price Chinese brands, sales at China’s SAIC zoomed up 54% in April, according to the ACEA figures. SAIC owns a slew of auto brands including U.K.-based MG, known for its low-cost EV models.

Tesla is also suffering because it had to shut down factories for several weeks this year while upgrading its best selling Model Y sport utility vehicle, pinching supply.

For the first four months of the year, Tesla’s European sales fell roughly 39% to 61,320 while the continent’s auto market as a while showed little change during the same period, according to the data.

For April, car sales in the EU edged up 1.3% from the previous year, “showing signs of recovery despite the ongoing unpredictable global economic environment,” the group said in a press release. Meanwhile, sales of gasoline and diesel powered cars slumped.

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A $20K Electric Pickup Truck Made by a Jeff Bezos-backed Startup Is Surprising Popular

May 15, 2025 Tarun

Slate Auto, an electric vehicle startup based out of Troy, Mich., has garnered the attention of high-profile investors like Amazon’s Jeff Bezos. But its product is far from flashy: a no-frills, two-seater pickup truck with a base price under $20,000. The vehicle doesn’t have a touch-screen display or stereo, standard features seen in new cars today. Still, potential customers seem to appreciate the affordable price and retro approach. Slate received over 100,000 reservations less than three weeks after unveiling its pickup truck in April, TechCrunch first reported.

“We are truly humbled by America’s response to Slate’s brand launch and the launch of our truck,” said Jeremy Snyder, Slate’s chief commercial officer, in a statement to TechCrunch. “We are excited for what the future holds.”

Investors have also taken notice of Slate’s unconventional approach. In addition to support from Bezos Expeditions, Jeff Bezos’s family office, the company has reportedly raised $700 million from backers including General Catalyst and TWG Global—the holding company led by billionaires Mark Walter and Thomas Tull.

Slate’s minimalist truck is designed as a “blank slate,” giving customers the freedom to customize it. Instead of traditional paint, the vehicle is made from gray molded polypropylene, but buyers can choose from a wide range of colored vinyl wraps. The standard battery offers a 150-mile range, with an option to upgrade to a 240-mile pack. Customers can also purchase more than four dozen add-on accessories—such as integrated speakers, seat covers and door cubbies—though pricing for these extras hasn’t been disclosed.

Slate’s base model is a compact truck, but the company plans to offer DIY kits that allow customers to transform the vehicle into different configurations. One kit converts the truck into a five-seat SUV, while another adds van-like cargo space to the pickup.

More than 100,000 people have already reserved a so-called “Slate Truck,” but that number doesn’t guarantee actual sales. Reservations required only a $50 deposit, which is fully refundable if buyers change their minds.

Still, with a starting price under $20,000, Slate’s vehicles are among the most affordable EVs on the market. They’re significantly cheaper than the nearly $30,000 Nissan Leaf or $28,000 Ford Maverick, and cost a fraction of luxury models like Tesla’s Cybertruck or Rivian’s R1T, which start above $70,000.

Slate’s retail price tag is actually in the mid-$20,000 range, but the vehicle is expected to qualify for a $7,500 federal EV tax credit. The company’s U.S.-based supply chain may also shield it from many of the Trump administration’s tariffs on imported cars. Production is slated to begin in late 2026 at a former printing plant in Warsaw, Ind., with a goal of manufacturing 150,000 trucks annually by 2027.

“The idea for Slate goes back to 2022 when several visionary thinkers asked: could we build a radically affordable and simple car?” said Chris Barman, Slate’s CEO, during the automaker’s truck unveiling last month. “Then we took it a step further. Could we build it here in America?”

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