Tesla Investors Express Frustration with CEO Elon Musk as Cybertrucks Encounter More Issues

By John Lopez

Apr 08, 2024 04:11 PM EDT

Investors in Tesla are voicing their concerns as the company's highly anticipated Cybertruck faces more and more criticism and malfunctions. The long-delayed and pricey electric truck, starting at $80,000, has encountered various problems shortly after hitting the roads.

Cybertruck Owners Faced With More Malfunctions

According to a report from the New York Post, owners of the Cybertruck have shared their grievances on forums, detailing issues such as the vehicle dying after traveling short distances, random braking incidents, and even corrosion. One owner in Southern California lamented, "Tesla really rushed these trucks out, what a nightmare."

Furthermore, concerns have been raised about the functionality of the vehicle's auto-pilot feature, with one user recounting a potentially dangerous incident where the truck suddenly braked on a highway.

One owner said this about his vehicle in a forum: "made it 1 mile down road, started getting steering error, flashing red screen, pulled off side of highway now the truck is dead and I'm waiting for a tow truck."

Tesla Investors Slam 'Part-Time CEO' Elon Musk

Meanwhile, CEO Elon Musk's attention has been diverted to controversial topics on social media, leading some shareholders to express frustration with his priorities. According to Jalopnik, some investors are critical of Musk's focus on divisive issues rather than Tesla's core mission.

Fred Lambert, CEO of Electrek, commented on the situation: "The feedback loop is completely broken and now Elon is basking in the praise of his super fans while branding all legitimate criticism as attacks."

Speaking with Fortune, Lambert believes Musk made a strategic error by prioritizing the expensive stainless steel Cybertruck over a promised $25,000 entry model, indicative of a growing divide within the community. 

Some fans, like New Zealand YouTuber Lee, have turned critical, citing Musk's unfulfilled promises, slow progress with battery technology, and diversion into robotics and meme cryptocurrencies like Dogecoin. 

Lee suspects Musk's actions aimed to boost stock prices to meet milestone targets of his compensation package, reflecting disappointment in Tesla's direction under Musk's leadership.

Tesla co-founder and CEO Elon Musk gestures while introducing the newly unveiled all-electric battery-powered Tesla Cybertruck at Tesla Design Center in Hawthorne, California on November 21, 2019. (Photo by Frederic J. BROWN / AFP)
(Photo : Photo by FREDERIC J. BROWN/AFP via Getty Images)

READ MORE: Tesla Reportedly Ends Low-Cost Car Plans Due to Strong Chinese EV Competition

In addition to concerns about the Cybertruck, investors are expected to vote on Musk's compensation package at the upcoming annual meeting. Musk's recent behavior and lack of focus have left some shareholders questioning his leadership.

Tesla enthusiasts are also disappointed with Musk's failure to deliver on promises, particularly regarding battery technology advancements. 

READ NEXT: Mark Zuckerberg Dethrones Elon Musk as the World's 3rd-Richest Person, Becomes Richer Than Musk for 1st Time Since 2020

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