Tesla Investors Left in the Dark Over $25,000 Car Project
- Written by Deep Shikha Content Writer
Tesla’s plans for a budget-friendly $25,000 electric car, known as the Model 2, have recently come into question, sparking concerns among investors. On April 5, CEO Elon Musk stirred confusion with a post on X, responding to a Reuters report about the cancellation of the Model 2 by saying, “Reuters is lying.”
The same report by Reuters suggests that Tesla might be ditching the affordable car-project for self-driving robotaxi on the same small-car platform. The same day, Elon Musk posted about unveiling the “Tesla Robotaxi” on August 8, suggesting that a version of the self-driving vehicle might be ready by then, but he did not provide further details.
Since then, Tesla has not updated investors about the status of the Model 2, causing frustration and uncertainty. This comes at a time when the demand for electric vehicles is decreasing worldwide, and Tesla is facing tough competition from lower-priced Chinese EVs. Model 2 was expected to be a critical product that would attract more customers and maintain Tesla’s growth.
Analysts at Wedbush described the cancellation as disastrous for Tesla’s growth, doubting that a robotaxi could effectively replace the Model 2. Dan Ives, a senior analyst at Wedbush, told Reuters how critical the situation is for investors, noting that Musk’s lack of communication is particularly worrying because of the importance of the Model 2 to Tesla’s expansion plans.
Adding to the unease, Dan Ives has called on Musk to clarify another pressing issue: the recent decision to cut 10% of Tesla’s global workforce following a quarter where vehicle deliveries plummeted by 20%.
Deutsche Bank highlighted that the cancellation of the Model 2 would shift Tesla’s investor base from those focused on mass-market growth to those interested in long-term AI/tech investments for robotaxi development.
Ross Gerber, an investor and CEO at Gerber Kawasaki Wealth & Investment Management, emphasized the stakes, telling Reuters that “if they don’t launch this car, there’s no point in investing in Tesla.”
As of now, Tesla has not officially responded to inquiries about this issue or the earlier report, leaving those invested in the company eager for answers.
According to Reuters, some investors support Tesla’s potential shift from Model 2 to the development of the robotaxis.
Gene Munster of Deepwater Asset Management, a Tesla shareholder, views the shift in focus as a strategic move to position Tesla at the forefront of the next generation in transportation. Jake Bleicher from Carson Wealth Management Group mentioned that if Tesla showed real progress on robotaxis by the August 8 date, it could boost the company’s stock.
Reuters also mentions that Tesla’s struggle is compounded by competition, particularly from Chinese manufacturers. Its cheapest model, the Model 3, is priced at around $39,000. Still, Tesla’s price reductions across some models haven’t alleviated the pressure from competitors like BYD, which offers EVs starting at $10,000 in China.
Xiaomi’s new $30,000 sport sedan, which garnered over 100,000 orders quickly, further highlights the challenges Tesla faces in maintaining market dominance.
Tinder Unveils ‘Share My Date’ to Share Match Details with Closer Circle
- Written by Deep Shikha Content Writer
- Fact-Checked by
On April 22, Tinder unveiled a new feature called “Share My Date” that allows users to send a link with details of their upcoming date, like the match’s name, photo, profile link, meeting place, and time. Users can also include a note at the bottom. Links, which can be sent up to 30 days before the date, are editable, allowing users to update information as needed.
This feature serves as a safety mechanism, allowing users to keep friends and family informed about whom they’re meeting, where, and when while letting users share an upcoming date’s thrill with loved ones.
Philip Fry, VP of Communications at Tinder, told Forbes that while Tinder users can see the entire profile of a match shared via “Share My Date” links, they cannot interact with it — meaning they can’t send messages or engage directly. On the other hand, non-Tinder users can only access limited information, such as the match’s photos, name, and age, when they view these links.
According to Forbes, Tinder developed the “Share My Date” feature after data revealed that 51% of singles under 30 routinely share their date details with friends, and 18% even inform their mothers.
The feature is set to launch in the coming months in the U.S., U.K., Australia, Canada, France, Spain, Italy, Netherlands, India, Germany, Ireland, Japan, Switzerland, Brazil, Mexico, Singapore, Korea, Vietnam, and Thailand, reported Techcrunch .
“At Tinder, we continue to release new features that aim to create a fun, safe, and respectful experience for all,” stated Tinder CMO Melissa Hobley. “Discussing plans with friends and family is a time-honored dating ritual. ‘Share My Date’ streamlines this basic info-sharing so singles can jump right to the exciting part, from figuring out what to wear to prepping conversation topics,” she added.
TechCrunch highlights that Tinder’s “Share My Date” feature launches during a slowdown in dating app growth . In the U.S., app installs grew only 2.38% last January, a significant drop from the previous year’s nearly 16% increase. Moreover, Tinder saw its paying users decrease by 8% to 10 million in 2023 Q4 .
Also, Match Group, the parent company of Tinder, Match, Hinge, OkCupid, Plenty of Fish, and other dating platforms, will announce its earnings for 2024 Q1 on Wednesday, May 8, says Techcrunch.
