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Teslas stock plunged more than 8% on Tuesday, marking another setback for the electric vehicle giant as it struggles to maintain momentum in 2025. The companys stock hit its lowest level since November, driven by disappointing sales in Europe and growing concerns over CEO Elon Musks controversial political moves. Tesla shares (Nasdaq:TSLA) are now down roughly 25% just this year, making it the weakest performer among the “Magnificent 7” stocks, according to Investopedia. The companys valuation also dipped below $1 trillion for the first time in three months, as reported by MarketWatch. Why Tesla shares are down this week A key factor in Teslas stock slump is a sharp decline in European sales. The companys vehicle sales plummeted 45% across Europe last month, even as overall electric vehicle demand surged, according to the Wall Street Journal. Tesla’s monthly sales in Germany, for instance, fell 60% year-over-year to 1,277 vehicles, per data from Germanys Motor Transport Authority. Meanwhile, competitors such as Volkswagen, Renault, and SAIC Motor saw increased sales, capitalizing on growing EV interest in countries including Germany, the U.K., and the Netherlands. Musks vocal political involvement in Germanys recent election also may have contributed to Teslas waning. His support for the far-right Alternative for Germany (Afd) party sparked backlash, potentially alienating customers in a key market. Additionally, Teslas Model Y is currently undergoing a refresh, leading some buyers to delay purchases while waiting for the updated model, according to WSJ. Beyond sales figures, Tesla faces growing concerns about its reputation. Some critics have argued that Musks leadership outside of Tesla, particularly his role in running the Trump administration’s so-called Department of Government Efficiency (DOGE), is damaging the companys image. On February 15, protestors gathered at Tesla stores and charging stations in cities across the United States to condemn Musks cuts to essential services and mass layoffs related to his work with DOGE. Despite Teslas recent challenges, Europe’s broader EV market remains strong, with overall electric vehicle sales rising 37.3% last month. Germany, the U.K., and the Netherlands are seeing the biggest gains in sales, according to Yahoo Finance. Whats clear is that Tesla investors are increasingly anxious this week as competitors continue to chip away at its dominance in the industry.
Category:
E-Commerce
The United States Digital Service (USDS), the storied group of Silicon Valley types brought together by Obama to bring government services into the 21st century, will likely never be the same after the arrival of Elon Musks Department of Government Efficiency (DOGE). If, that is, it survives at all. USDS employees began resigning from the organization after Trump won the election in November. USDS deputy administrator Ted Carstensen resigned in the first week of February, after several unsuccessful attempts to get face time with the DOGE workers. Just a few days after those resignations, 50 of the 150 or so USDS employees lost their jobs in DOGEs first major round of layoffs. Wired reported last week that DOGE personnel operated separately from the remaining USDS employees. ‘I didn’t expect it to be dismantled’ Confusingly, there are two main DOGE groups now active in the government. The original group consists of less than 30 people, many of them under 25 years old, and operates out of the Eisenhower Executive Office Building in Washington, D.C. Then, at 736 Jackson Place are the offices of USDS, whose name was changed from the U.S. Digital Service to the U.S. DOGE Service via an executive order on January 20. White House lawyers likely did this to confer upon DOGE, which had previously been classed as an advisory group, the U.S. Digital Services greater level of access to sensitive government data and its limited accountability to Congress. The new USDS, which heretofore was part of the General Services Administration, has now been moved into the executive branch. The USDS layoffs targeted product managers and web designers, while leaving most engineers in place, says one recently departed USDS employee who spoke on condition of anonymity. Anne Marshall, the former USDS director of engineering and data science, resigned February 17 in protest of DOGEs reorganization plans. Unfortunately, with the changes made by DOGE, it is no longer possible for me to support this team, Marshall wrote in a LinkedIn post. She added that the termination of so many product managers and designers reflects a misunderstanding ofor an indifference tothe nature of the offices work. On Tuesday, a group of 21 additional USDS employees published a public letter to White House Chief-of-Staff Susie Wiles announcing their resignations, citing concerns over political interference. On January 21st, we were subjected to 15-minute interviews by individuals wearing White House visitor badges, the letter reads. Several of these interviewers refused to identify themselves, asked questions about political loyalty, attempted to pit colleagues against each other, and demonstrated limited technical ability. This process created significant security risks and was designed to intimidate government employees. According to the recently departed USDS employees estimates, that would mean about 40 workers remain in the unit. DOGE is working from Musks question everything playbook, says the ex-USDS employee: tearing everything down to the extreme bare minimum system, then adding back on only the parts that are necessary. If something breaks, DOGE can hire back those people to fix it. I didn’t expect it to be dismantled and turned into a puppet like a Horsehair worm taking over the mind of a praying mantis so quickly, says the ex-USDS worker. They can just fire them Another ex-USDS employee says that when they read the E.O. establishing DOGE, they thought USDS might be allowed to continue its government efficiency work. After all, the E.O.s definition of the new USDS included the phrase modernizing Federal technology and software to maximize governmental efficiency and productivity, which closely resembles the original USDS mission. But the U.S. DOGE Service has a very different definition of efficiency than the old USDS, which applied a modern software product development approach to making government services like dispensing passports or processing VA benefits claims work faster and more efficiently. For DOGE efficiency seems to mean firing federal employees and cancelling scheduled Congressionally-approved contract payments for things Musk and/or Trump dont approve of. (Neither DOGE nor USDS immediately responded to Fast Companys request for comment.) The first ex-USDS employee says many of the remaining USDS staffers are staying on because they believe strongly in the offices original mission of making the government work better for people, and they want to continue doing that work. But the projects that reflect that spirit may dwindle as specific departments or programs at client agencies get cut. For example, USDS had been working with the Office of Transformation within the Social Security Administration to modernize a number of public websites (such as the MySSA self-service site) as well as the SSAs phone support and IVR systems. On Monday, the whole project was abruptly cancelled. Still, its possible that DOGE could forcibly alter a culture within the government that habitually resists change.The government has been slow to modernize inefficient systems due to both a lack of funding and a risk-averse bureaucracy. Change agents like USDS have often encountered career agency officials who deny them timely access to the government systems and data when that access is needed to make real improvements. In the past, some agency officials have felt threatened by USDS personnel, whom they saw as overconfident whiz kids who believed they could quickly grasp the agencys work and fix major systems problems. In at least that respect, DOGEs frosty reception within the agencies isnt so uniquebut Musks crew has more tools to deal with it. I envy [DOGE] the blank check theyve been given, and the ability to bulldoze through dumb obstacles, says former USDS administrator Mikey Dickerson. If they meet these people who are just barriers and who wont say yes and they wont say no, they can just fire them. Dickerson says he would have picked different projects to work on if he were leading DOGE. In theory, he notes, DOGE personnel could use their authority to accomplish meaningful work, but he sees no evidence that they are doing so. Still, DOGEs long-term effects might be better than its short-term results, Dickerson suggests. This can be positive in the long term in the way that a wildfire in Yosemite goes through and clears out all the old brush so that new things can grow, he says.
Category:
E-Commerce
There’s a new entrant in the scam hall of fame. The Chengdu Snow Villagea newly opened destination in the suburban Chengdu, Sichuan provinceadvertised a picturesque snow landscape for guests to enjoy during the Lunar New Year celebrations last month. Photos of the event resembled scenes from a Christmas card, featuring thick layers of snow blanketing log cabin roofs. However, unseasonably warm weather meant the main feature was a no-show. Rather than canceling the events, organizers got creative. White sheets were stapled to cabin roofs, white sand and large cotton wool sheets were scattered across the grounds, and soapy foam drifted through the air in a feeble attempt to create a winter wonderland. Photos posted online by disappointed visitors showed the reality: sad wisps of cotton scattered across a greenish-brown field, clinging to the branches of bushes. Chinas tourism industry is really outdoing itself with its creativity! Welcome to Snow Village in Chengdu- where snow is made of cotton balls, the ground is white sand, and the fake waterfalls flow with imagination.1/2 @MM81792127@GundamNorthrop@SolomonYue pic.twitter.com/2fZr2ORrLl— Ava Olivia (@AvaOlivia27) February 18, 2025 The fake wonderland quickly went viral for all the wrong reasons, prompting the Chengdu Culture and Tourism Bureau to launch an investigation into the project. The village later apologized and offered refunds to guests, according to Reuters. In order to create a snowy atmosphere, the tourist village purchased cotton for the snow . . . but it did not achieve the expected effect, leaving a very bad impression on tourists who came to visit, the village shared on its official WeChat account. Following the precedents of previous years, we typically have snow in winter. So we set up this spot for a photo shoot in advance to wait for the snow to come, a Snow Village staff member told the state-run paper Global Times. However, this year, the weather didnt cooperate, and it didnt snow. The Chengdu Snow Village has removed all images of the attraction from its social media pages, and the venue has since closed down. This isnt the first time a tourist attraction in China has been caught misleading visitors. Last year, hidden artificial pipes were discovered at the Yuntai Mountain Waterfall in Henan province, used to boost the waterfall’s flow and maintain its spectacular appearance during the dry season. Just a few weeks ago, an amusement park in Zibo City, Shandong province went viral after internet users realized that its zebras werent actually zebras, but donkeys painted with black and white stripes. A+ for creativity, everyone.
Category:
E-Commerce
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