The electric vehicle industry achieved a critical milestone in 2023: Over 1 million EVs were sold in the U.S., according to consulting firm Motor Intelligence. 

(One million EVs sold still represents just 7.5% of total U.S. auto sales last year.)

“Despite these positives, this doesn't come close to the 90% year-over-year growth the EV industry enjoyed [in 2022],” the AP says. 

This is especially noteworthy since, at the time, the average EV cost $65,000. 

“Demand was high, inventories were low and automakers were bullish on sales prospects,” the AP adds. 

And? The price of gasoline was approaching $5 per gallon… 

Today, with nationwide gas prices hovering around $3.60 per gallon, filling up is less vexing for consumers (with short memories). 

The upshot: “EVs are hanging around on lots longer than dealers might like, with an average of 91 days of inventory,” Ars Technica says, “the industry prefers to keep less than 60 days of inventory on hand.” 

Which brings us to a discussion of the most recognizable EV brand in the world… 

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Your Rundown for Wednesday, April 17, 2024...

“Tesla Employment Update” 

If you were one of nearly 15,000 Tesla employees given the heave-ho on Sunday, April 14, you would have received the following email with the subject line “Tesla Employment Update”: 

Terminations —- of more than 10% of Tesla’s global workforce — were effective immediately. 

Adding insult to injury, two key Tesla execs announced their resignations this week. 

Senior Vice President Drew Baglino — an 18-year Tesla veteran who managed battery R&D — confirmed his departure from the EV manufacturer via a post on the X platform. 

At the same time, Rohan Patel, who served as the Vice President of Public Policy and Business Development, announced his resignation. 

On Monday? Tesla shares dropped 3%... Shares toppled another 4% on Tuesday. 

In total, TSLA is down almost 40% this year. 

“Tesla shares are the second-biggest decliner on the S&P 500 Index in 2024,” Bloomberg reports, “erasing more than $290 billion in value since year-end.” 

So, you tell me, reader: Is Tesla a real-world bellwether that the green energy transition is on life support? Write in with your opinion… 

Market Rundown for Wednesday, Apr. 17, 2024

The S&P 500 is up 0.41% to 5,072.21. 

Oil’s down 1.40% to $83.64 for a barrel of WTI. 

Gold is down 0.20% to $2,403.10 per ounce. 

And Bitcoin’s down 2.17% to $62,374.10. 

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