Electric cars could become the 'next big flop' as Tesla's Elon Musk loses $41billion in two weeks
By Felix Reeves One expert called on the car industry to look at hybrid vehicles instead of EVs. An industry expert has warned that the electric car bubble could soon burst over claims that drivers do not want to make the switch to an EV. A number of measures have already been introduced to get motorists to make the transition including Government incentives, free charging credit and massive price cuts. However, economist Stephen Moore has warned that electric vehicles may be the car industry’s “next big flop”. Moore, claimed that zero-emission vehicles may fail to meet expectations. He pointed to historical instances of car manufacturers making vehicles that were not sought after by the general public. He said: “Henry Ford's son was named Edsel, and this was going to be the great car that everybody's going to want to buy. Ford made 500,000 of these new sedan cars, but nobody bothered to ask consumers whether they wanted the car. The Edsel was one of the great flops of all time.
"If these trends continue, we're going to see the EV market become the next big flop because car buyers don't want them,”.
The founder and CEO of Tesla, Elon Musk, suffered another hit on October 30 when his net worth dropped by around $7billion (£5.77billion). Tesla shares fell by five per cent, thus lowering the value of Musk’s 715 million shares in his own company.
Comment: So far Malaysia has bought 40 Starlinks from Elon Musk. What has Elon Mask invested in Malaysia so far? My sources tell me that he is having second thoughts about investing in Malaysia. Meanwhile, we wait.
Electric cars are ok if have home home charging and uses it for work and back.
So you do not need huge range if its a second car to go around town, thus making it cheap as batteries size , which is most expensive component,can be made smaller. Biggest selling electric cars in china and japan are all like this. Small with reduce range and cheap. But our hp6 gomen forbid cheap electric cars from being sold locally. On grounds of protecting national interest.
Stocks market capitalisation is relative to when you look at it and how the general market perceives it’s valuation.
Despite its recent ‘huge’ drop in value, it is still more than double its valuation 6 mths ago and more than 10 times its value 10 yrs ago.
Yes I agree, Ellon musk would not lose sleep over the recent drop in his wealth
E Vs are here to stay and further expand as govts allover tighten the legislation on ICE vehicles and EVe get cheaper with scale.
As for Musk's net worth,this is temporary as the market is a bit soft due to high interest rates and inflationary presssure
I wouldnt lose sleep over it if i have 200 b