Reference: See here Tesla has laid off its entire marketing team just four months after it was created in a hasty reversal of its nascent advertising efforts, reports claim.
Adding insult to injury, Musk took to X to respond to a comment on the Bloomberg story, which criticised the brand⁘s advertising for being ⁘too generic⁘ and not highlighting what is great about owning a Tesla. Musk replied: ⁘Exactly. The ads were far too generic ⁘ could⁘ve been any car.⁘
⁘Range inflation⁘ is a sign Tesla has lost sight of its customers It comes at a difficult time for the electric car pioneer which has struggled with increased competition and an increasingly poor brand perception. Tesla has embarked on a heavy series of promotional activity to try to stave off competition from China and other US companies, something Marketing Week columnist Mark Ritson described as an ⁘intractable and often existential situation⁘ for manufacturers.
Its share price has been dropping regularly since December 2023 and while revenue has continued to increase, its profit margins have grown tighter.
Tesla has embarked on a series of price cuts since the beginning of the year, however CEO Elon Musk says this has not been enough to drive demand.
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