No more Tesla stock for us!
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As the controller of Lehigh County and a pension board member, I am entrusted with safeguarding public workers' retirement savings—people who fix our roads, teach our children, and keep our community running. This duty requires more than spreadsheets. It demands foresight, integrity, and courage when risks outweigh rewards. Public pensions are not just private retirements—they are public trusts. Every dollar mismanaged today becomes a broken promise tomorrow.
That's why I introduced a resolution, which our board passed, to halt new Tesla stock purchases in our actively managed funds.
Tesla's earnings have collapsed by 71% compared to last year. Auto revenues are down 20%. Sales in Germany plummeted 76% in February. Tesla lost 49% of its market share in China while BYD gained 161%. General Motors, once dismissed as outdated, now leads domestic electric Vehicle sales with a 50% increase in 2024. Its price-to-earnings ratio, how much investors pay for every dollar the company earns, is wildly inflated compared to industry norms. That kind of mismatch isn't a vote of confidence; it's a flashing warning light.
But the numbers tell only part of the story. Tesla is bleeding trust.
