...Tesla is down as is the entire EV cohort is not because there's no compelling EV growth, it is because market expectations were staggeringly high...thanks to Elon's super-salesman spin.
...remember at one stage, Tesla shares were trading above the collective market cap of all the major auto companies added together.
...and up to today, he is still spinning on his Cybertruck and his latest Robotaxi project.
MORGAN STANLEY: “.. Not long ago, $TSLA CEO Elon Musk expected to grow volume by a CAGR of 50% throughout the decade .. Fast forward to today and unit volume is down nearly double-digits YoY in 1Q and will likely fall for the remainder of the year.” In coming quarters, “our $100 bear case may be ‘in play.’”
...anything that became a multi-bag making many multi-millionaires tend to get cult following, and the cult following persist even after it has lost the plot or gone by the wayside or in decline. Because, psychologically, we extend our loyalties to the 'paymaster', and become beholden to a complete faith.
