130. Minutes: EVS. Has Tesla lost its Mojo?

Redefining Energy

We hear conflicting messages regarding the status of the EV market. On the bright side, IEA predicts 17mEV to be sold this year, EV and Hybrids reach 50% market share in China for Q1, more than 500 EV models are currently on the market. On the dark side, Tesla and BYD deliveries were down in Q1_24, Tesla revenues were down 9% compared to Q1_23 and the price war has cut the EPS in 2.
Has Tesla lost its mojo or will Elon refocus and reboot. Lots of announcements, but also a 10% cut in the workforce, and a depressed share price. Meanwhile the “Oil Street Journal” and other publications have been repeating ad nauseum (but falsely) that the EV Story is over.
In fact, EV sales in Q1 2024 were 21% higher than Q1 2023. China led the way with at 31% growth with the US and Canada at 13%, and EU and EFTA trailing behind at a 7%. Removal of the BEV subsidies in Germany showing their full impact there.
There are also a lot of questions about protectionism, as Elon Musk just declared that “Chinese automakers would "demolish" most of the world's other car companies if there were no trade barriers. Our observation is generally that the Chinese car companies are the most competitive car companies in the world,"
To discuss this and the future of the EV market, Laurent brought James Carter. James is a friend of the show and one of the top Auto experts in the world based in Toronto, Canada.
And Gerard will be back with us next week. He was simply too busy successfully selling our German Rooftop Solar company Febesol to Thermondo. But that is a story for another day.
The pod has just been named number 1 Energy Transition show. Thank you, guys. We love you all.
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PS: when referring to our friend Roger Atkins, Laurent said “Shanghai Auto Show”. Oooops its was Beijing Auto China from which he brings back wondrous stories, including a meeting with the legend Robin Zheng, CATL founder.