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While investors may have been momentarily distracted by the fact that Tesla solar roofs are apparently spontaneously combusting across the country, the company's legacy vehicle business also remains in turmoil, with Bernstein opining on the Model S and the Model X's sales collapse this morning.
In a new note, Bernstein seeks to explain the weakness behind both of the models, which lag the newer Model 3 in sales. Bernstein says that "competition" is likely to blame for Model S and Model X gross profit dollars declining 57% in the first half of 2019.
Did - Elon - Part - Master - Plan
Did Elon forget about this part in his "master plan"?
Bernstein says that the introduction of new offerings from companies like Audi and Jaguar have not expanded the EV market as a whole - rather, they have cannibalized sales from Tesla. Perhaps it is just pesky consumers that want a vehicle they can actually get serviced and a warranty that they are actually going to be made whole on.
Market - Ways
The free market works in mysterious ways...
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