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Tesla's Transition Wake-Up Call (February 5, 2024)

Tesla's Transition Wake-Up Call (Energy Intelligence, February 5, 2024)

Tesla was, until very recently, a member of the “Magnificent Seven” — a term Bank of America analyst Michael Harnett gave to the stocks of Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla — falling out of the group after its shares plummeted more than 26% over the first three weeks of January. The shares have much further to fall as investors discover that Tesla is essentially an auto company like others. The firm’s decline also warns more widely of developing problems for the energy transition. Contrary to those who say the transition is “irreversible,” recent events across the globe signal that it may be stalling. Indeed, some of the optimists’ statements remind me of assertions by Democrats in early 1979 that “Americans would never elect a former movie actor president.”

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