Asia Business

Have the wheels come off for Tesla?

There was a time when it seemed Tesla could do no wrong.

In little more than a decade, it went from technology upstart to mass-market carmaker, invested billions in its clean energy business, and saw its value rocket.

But now the company is struggling with falling car sales and intense competition from Chinese brands, as well as problems with its much-hyped Cybertruck.

Lower sales have hit its revenues, and hurt its profits. Its share price has fallen by more than a quarter since the start of the year.

It has cut prices in major markets, and is in the process of laying off some 14,000 employees – 10% of its global workforce. Those affected include senior executives and the entire team responsible for its much-admired supercharger network.

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