Meters that run faster than cars?
Let's start with the case that smacks of a class action lawsuit. Tesla is facing a class action lawsuit accusing the company of tampering with the odometers of its electric vehicles to get them out of warranty prematurely. If proven true, this strategy would be more of an accounting trick than automotive innovation. Elon Musk has always wanted to push the boundaries of technology. It seems he is now taking on the legal boundaries.
Model Y: the affordable SUV... delayed for unknown (or inconvenient) reasons
As if that weren't enough, Reuters has thrown another spanner in the works by revealing that the launch of the affordable version of the Model Y, also known as the E41 in Tesla's corridors, will be delayed by several months - or even until 2026. This vehicle was supposed to give a boost to sluggish sales, particularly in markets where Tesla is being challenged by Chinese manufacturers and consumer fatigue with a range that is starting to look seriously outdated. The news has sent shivers down the spines of investors, who were still dreaming of a low-cost miracle before the summer. This model was supposed to be the answer to falling deliveries and shrinking margins, but it seems that even at Tesla, you can't produce an SUV while singing "let it go."
Robotaxis, Cybercab, and the Trump administration: is the CEO taking on too much?
Add to that a pinch of geopolitics and a dash of presidential distractions: Elon Musk, between appearances in the corridors of power, is still running Tesla... at least on paper. His involvement in the Department of Government Efficiency (yes, the DOGE) under the Trump administration is raising more and more questions, particularly about how much time and attention he can still devote to his company. His detractors accuse him of sacrificing Tesla's reputation on the altar of ideology. The result: acts of vandalism at dealerships, a decline in brand image, and plummeting sales in California, once the manufacturer's stronghold.
Margins in the doldrums and Cybertrucks on sale
Behind the scenes, Tesla is struggling to limit the damage. The company is now offering lucrative promotions on its Cybertrucks, which are clearly easier to produce than sell. The model's massive recall in March to fix faulty exterior panels did little to reassure the public. As for margins, they are melting like snow in the sun. Analysts are forecasting a gross automotive margin of 11.83% (excluding regulatory credits), down from 13.6% in the previous quarter. Tesla is now prioritizing volume over profitability, even if it means giving away freebies such as free charging or range options, rather than delivering value for shareholders.
The last bastion of optimism... or naivety?
Despite everything, the eternal optimists at Wedbush continue to believe in Tesla, describing it as one of the "most disruptive" technology companies in the world. It's like listening to Cathie Wood. The firm wants to believe that Musk, if he abandons his role in the Trump administration, could still save the day. Innovation, robotics, autonomous driving... it's all there on paper. But the market doesn't live on utopian dreams, especially when cheap SUVs fail to materialize and autonomous cars are still stuck in the "beta" phase.
Tesla shares, already down 44% since the beginning of the year, continue their slide into the abyss. Between production delays, legal controversies, the CEO's political choices, and a marketing strategy that increasingly resembles a giant clearance sale, the company gives the impression of chasing a future it can no longer shape. At this point, it is no longer a correction, but a fall that raises questions: what if Tesla is no longer a technological promise, but a full-scale stockmarket warning?
