00:00 Speaker A
Tesla share is under pressure again today, analyst continuing to sour on the stock. Piper Sandler lowering its price target in a new note today. And even longtime Tesla bull Dan Ives is wavering, saying the company is in a quote, brand tornado crisis moment. Yahoo Finance senior auto reporter Pras Subramanian is plugged into all of this. Pras, Dan Ives coming out and essentially saying it seemed Mr. Musk needs to walk away from some of the government efficiency stuff and get back to Tesla. Is that sort of the read through and what Ives is arguing here?
00:31 Pras Subramanian
Yeah, he’s asking for a a change, a course correction, changing course here at at Tesla. Basically asking for Musk to step up and be back at at the company and kind of split his time at Dodge. Basically asking for, you know, two things, right? One, really kind of formally announce what his sort of role is going to be in terms of time spent at Tesla and Dodge. Make it so that the the investors are aware of how much time he actually is going to be at the company and also in at the White House. Secondly, also, they want to see a road map. They want to see a road map for one of those cheap EVs that we’ve heard a long time ago. When are they going to come out? Wants to know exactly what’s the actual plan for those cheap EVs and also more on the robo taxi testing in Austin, also part of that equation. But, you know, he seems to think that if these things are clarified, damage might be limited to just Q1. I think that’s a big if in terms of how much they can actually fix or how much Musk can actually fix now for in the rest of the year.
01:49 Speaker A
And Piper also coming out with a note on on the stock, right?
02:01 Pras Subramanian
Uh yeah, yeah. I think our Brian Sozzi wrote about that, talking about how he lowered the price target, I believe. And all this sort of happening while they’re recalling Cybertruck. Like, there’s just it seems like there’s not a lot of good news happening right now in Tesla.
02:44 Speaker A
Yeah, yeah. I mean the Cybertruck recall, you know, 46,000 trucks recall. There because of a trim piece might fly off when the car is moving. Incidentally, that also lets us know there’s 46,000 cyber trucks in the wild out there in the US since sales began 2020 late 2023 and 2024. But interesting that it’s it’s the eighth recall for that that vehicle. I mean that’s a lot in the last year and a half, and kind of goes to show you where that model is. Is it going to be is it can it be can you repair the demand destruction that’s happening with that vehicle or is it just sort of a dud at this point?
03:42 Speaker A
Yeah, and it seems like also that the cyber trucks are the ones that are sort of getting the most visible ire from protesters and such versus just the Model Ys and and thought they were a bulletproof truck. How do you have a recall on a bulletproof truck? I thought the whole thing was like it doesn’t break. Well, you’re not shooting things into it. There are things falling off of it, you see. Need stronger glue and epoxies I suppose. I guess so. All right. Thanks, Pras. Appreciate it.