👉 Background: Tesla is the OG electric vehicle company founded back in 2008. It has grown into a behemoth with a market cap o $682 billion USD. That's more than the GDP of Austria or Chile.

👉 What happened: After Elon Musk announced Tesla’s third quarter earnings, its share price jumped 12%. Interestingly, Tesla’s revenue didn’t quite meet expectations, but it announced plans for a lower-cost electric vehicle and the launch self-driving ride-hailing taxis in California and Texas next year.

👉 What else: With the push towards self-driving ride hailing taxis, it looks like Tesla is shifting its attention in a new direction to get investors excited again.

What's the key learning?

💡When competition gets tough, sometimes you need a personality shift to stand out.

💡With new companies entering the EV market, Tesla has struggled to maintain its market share. In fact, in the US, it has market share has dropped for the last two quarter. So now, Tesla is shifting its focus and its messaging towards new technology; specifically self-driving vehicles and AI.

💡This is a similar strategy to Blackberry when i was forced to go through a rebrand after it was beaten out by brands like Apple and Samsung in the smartphone game. Instead of doubling down on mobile phones, Blackberry evolved and picked up a new personality as a security software.