By Elliott Wave International
Tesla tumbled 15% on March 10, its biggest single day drop in more than five years. Elliott Wave International's March Global Market Perspective provides this insight:
The world's richest man, Elon Musk, is also
more vulnerable than most people realize. In March 2023, when a poll by
Heatmap News, a website that focuses on climate news, showed that
prospective electric-vehicle buyers were less likely to buy a Tesla due
to Musk's behavior, the Global Market Perspective argued that
his persona is so "attached to a bull market that even small shifts in
social mood can damage his public cachet irreparably." Tesla's stock
price has made no net progress since January 2021 and is down 42% from
its all-time high in December 2024. In January, Germany's Federal Motor
Transport Authority reported that just 1,300 new Teslas were registered,
the lowest monthly total since July 2021. Across Europe's three largest
electric vehicle markets -- Germany, France and Britain -- yearly sales
were off 59%, 63% and 12%, respectively. Meanwhile, the average price
of a used Tesla recently fell below $32,000, down from nearly $68,000 in
2022:
