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Tesla Pulls the Plug on Rapid Charging Division Amid EV Sales Slump

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Due to declining electric vehicle sales, Tesla has shut down the division responsible for its rapid charging stations. The company will continue to operate but is expected to curb new investments, prioritizing enhancing the operation rate of existing facilities for the time being. As of the end of March, Tesla had approximately 60,000 rapid chargers worldwide, with about 60% in the U.S.

On April 30, 2024, the Financial Times reported that Tesla had temporarily laid off executives and staff due to the division closure, as revealed by Elon Musk in an internal memo. On reflection, Tesla’s stock price fell 5.5% compared to the previous day.

Although Tesla has not officially commented on this, Elon Musk mentioned on his X on April 30 that Tesla plans to expand the Supercharger network. However, the pace of expansion at new locations is slowing down, and they are focusing on 100% operation and expansion of existing locations.

The number of Tesla’s rapid chargers installed in the first quarter increased by 27% compared to last year.

Suppose Tesla curbs the establishment of new charging stations. This could impact the distribution of electric vehicles in the U.S. and disrupt the U.S. government’s goal of installing 500,000 chargers by 2030.

In the first quarter of this year, Tesla reported a decline in profitability for the first time in four years. As a result, it announced plans to cut more than 10% of its global workforce. The unstable situation of Tesla’s management is on the way.

globalautonews
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