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Tesla Struggle’s with Unsold Inventory in Austin, Texas
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In recent discussions about Tesla, much attention has been drawn to the notorious Cybertruck and its flaws. However, beneath the surface lies a more pressing issue for the electric vehicle company: growing parking lots of unsold Teslas in Austin, Texas.
Despite the company’s innovative products, Tesla has encountered challenges recently, and the accumulation of unsold inventory is becoming increasingly difficult to conceal, particularly from satellite imagery.
Satellite Imagery Reveals Growing Stockpiles:
Sherwood News utilized satellite imagery to compare the parking lots of unsold Tesla stockpiles between October 2023 and March 2024. The March images depicted significantly fuller parking lots than those from October, confirming Tesla’s Q1 earnings report in April.
The company disclosed that it had been producing considerably more cars than it was selling, with deliveries declining by 8.5% from the previous year. Notably, Tesla produced nearly 47,000 more cars than it sold, marking its first sales decline since 2020, attributed to the COVID-19 pandemic.
Stagnant Inventory:
Satellite imagery from SkyFi further illuminates the fate of these unsold Teslas—they remain stationary in parking lots until they are shipped.
Reports indicate that the cars accumulate in these lots without movement. Jalopnik reported a similar scenario at the Chesterfield Mall in St. Louis, where nearly 500 Teslas were observed sitting idle as of May 2024.
Shareholder Concerns and Elon Musk’s Pay Package:
At the upcoming annual shareholder meeting, Tesla shareholders are scheduled to vote on Elon Musk’s nearly $50 billion pay package. In February, a Delaware judge invalidated the pay package, citing Musk’s extensive ties with board members who approved the deal.
The shareholders will also vote on Tesla’s relocation outside of Delaware, potentially circumventing the legal implications associated with the judge’s ruling.
Musk’s Assurance to Shareholders:
Over the weekend, Musk took to Twitter to reassure Tesla shareholders, stating that if his other companies go public, he will prioritize longtime Tesla shareholders.
While the significance of this statement remains unclear, it underscores Musk’s reliance on Tesla shareholders amidst the company’s challenges and his continued pursuit of influence.
