Among the tough problems that Tesla (TSLA) is facing are the large decline in its deliveries, its “polarizing brand,” and “cheap and growing competition” from China-based EV makers, including the giant automaker, BYD (BYDDY), Steve Westly, the founder and Managing Partner of the Westly Group told Schwab Network yesterday.
But TSLA can turn itself around by accomplishing just two goals, Westly asserted.
More About TSLA’s Issues
In addition to the problems identified above, Westly also noted that the automaker did not launch a new product last quarter, while the launch of the new, cheaper version of the company’s Model Y has been delayed.
Additionally, the company’s updated Full Self-Driving tools is “late and not yet approved in Austin, TX,” where it has been expected to debut in June.
How TSLA Can Turn Itself Around
If the automaker can launch its $25,000 car to compete with BYD overseas, it will be “off and running,” the investor said. And if TSLA can catch up to Alphabet’s (GOOG,GOOGL) Waymo in the self-driving race, Elon Musk’s firm will get a sizeable boost, according to Westly.
But he added that “those will be two tough hills to climb” for Tesla.
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This article is originally published at Insider Monkey.
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