You’re here (TSLA) Chief Executive Elon Musk said Friday that the electric vehicle giant would spend half a billion dollars to build its charging stations this year, even as the Tesla boss recently laid off the company’s entire charging team business. TSLA shares fell slightly early Friday.
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Musk spoke to social media platform
âThis only concerns new sites and expansions, not counting operating costs, which are much higher,â Musk said.
In the first quarter, Tesla Supercharger stations totaled 6,249, up 26% from the first quarter of 2023. Compared to the fourth quarter, Supercharger stations increased by 5%, an additional 297. Meanwhile, Supercharger connectors increased 27% to 57,579 in the first quarter, with 2,687 more connectors compared to the first quarter. the fourth trimester.
The Tesla boss’s comments on Friday also come as Bloomberg reported on Thursday that the British energy giant P.A. (P.A.) was aggressively looking to acquire real estate to expand its electric vehicle charging network. BP added that there was “increased attention following Tesla’s recent announcement”, referring to Tesla’s recent layoffs.
Musk recently fired Rebecca Tinucci, senior director of Tesla’s supercharger efforts, and Daniel Ho, head of the new vehicle program. The Tesla CEO also reportedly cut teams under Tinucci and Ho, while laying off his public policy employees and the entire staff working on Tesla Superchargers.
Musk decided in April to lay off more than 10% of Tesla’s global workforce, an effort to prepare for the “next phase of growth.” Drew Baglino, who was senior vice president of powertrain and energy, and Rohan Patel, vice president of public policy and business development, both left Tesla at the time of these cuts.
Tesla Stock Performance
TSLA shares fell 0.7% to 170.70 during market trade Friday. The stock fell 1.6% to 171.97 on Thursday and is down more than 5% for the week.
Tesla stock jumped 7.7% last week to 181.19 after climbing 14.4% the week before. Tesla shares rose 15.3% to 194.05 last Monday, decisively breaking through a key resistance level after reports that Chinese regulators had tentatively approved the introduction of FSD.
From Tesla results and revenues reported for the first quarter on April 23, Tesla gained about 20%. Tesla stock hit a 52-week low of 138.80 on April 22. Stocks are still down 30% in 2024 as of May 9.
After recovery after first quarter resultsTesla stock has broken through resistance at its 10-week moving averageaccording to MarketSurge Analysis. Tesla has struggled to regain this level for much of 2024.
Tesla stock ranks eighth in the 35-member IBD Automotive Manufacturers Industry Group. The title has a low 36 Composite score on a best possible 99. Tesla stock also has a 16 Relative Strength Rating and a 63 EPS rating.
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