Tesla, one of the pioneering makers of electric vehicles, has lost its business with SAP SE. According to a report in a popular outlet, the German software company has removed the US-based electric car maker from its list of suppliers for company cars given to or used by its employees. The reasons cited included price fluctuations as well as late deliveries. Tesla’s share price fell nearly 6 percent after the news report.
Tesla has been facing several problems in the recent past. This is another blow to Tesla as it has seen a slump in share value and is looking to expand its corporate car market growth. CEO Elon Musk also recently lost a case justifying his multi-billion-dollar salary for leading the company.
XMicro.com
On Monday, Handlesblatt reported that SAP fleet manager Steffen Krautwasser said that price lists from Tesla fluctuated more often when compared with other manufacturers. This made planning more difficult and also posed a higher risk for SAP.
SAP, the biggest software company in Europe, also said that it did not have many Tesla vehicles in its fleet of company vehicles. It was a minor segment in its global vehicle fleet.
Earlier rental car firms Hertz Global Holdings Inc. and SixtSE have said that they would not buy Tesla vehicles after Elon Musk cut the selling rate of cars. The electric vehicle maker had cited sales growth as the reason for slashing prices.
OrganicGreek.com
Rental companies and fleet owners cite the depreciation of vehicles as one of the most significant risk factors in their business model. The recent price cut affects the resale value of used Teslas, affecting their businesses.
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