Electrical Issue – Tesla’s Latest Problems ⚡

Electrical Issue – Tesla’s Latest Problems

For better or worse, Elon Musk has not appeared in the news that much as of recently. Considering Musk’s publicity hurt Tesla during 2022, sending shares down more than 60 percent, you would assume that this lack of media presence has helped Tesla a lot in this new year. The stock has rebounded by more than 60 percent from December lows, but there are a few issues that the company has been facing as of late.

First, Tesla had to deal with a unionization attempt in Buffalo, New York, and their handling of it might have been a bit questionable. Elon Musk has been known to be very anti-union, and the company tends to have the same attitude against unions. In a Buffalo factory, workers issued a letter announcing their intention to unionize, but coincidentally a day after a good amount of these workers were laid off from their job, with 37 workers being the total number for now. Layoffs usually occur this time around when performance reviews are occurring, but the workers found it unusual that there were this many who were let go. They have filed a complaint to the National Labor Relations Board regarding Tesla’s decision to “suppress union activity”, although the company vehemently denies this.

Second, Tesla’s self-driving prospects have continued to nosedive. They voluntarily recalled 362,758 vehicles equipped with FSD Beta, their experimental self-driving assistance software. This is because a report from the company warned of the system causing crashes and accidents, endangering American drivers. Musk doesn’t like the word “recall” however, calling it an over-the-air software update, but it marks another step back in the self-driving sphere. Pressure has been mounting on Tesla in the last few years after accidents have occurred previously, and it now looks like it will be fixed.

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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

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