The company is going through a tough period right now with its recall because of competing companies’ growing competitiveness and the decline in interest in electric vehicles.
The company’s share price plummeted in the first three months of 2024 as a result of a steep decline in sales.
It declared this week that it would be letting go of 10% of its staff. It continues to pursue giving Mr. Musk the largest compensation package in American corporate history, valued at $56 billion (£44.9 billion).
Due to safety flaws, Tesla has also had to recall millions of its vehicles in recent months.
In January, it conducted a recall of more than 1.6 million vehicles in China due to issues with the door locking and steering software.
More than two million cars were recalled in the US in December 2023 after the regulator discovered that the autopilot system of the vehicles was partially defective.
But in both instances, Tesla’s impacted vehicles only required an “over-the-air” software update, negating the requirement for a physical modification.
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