Tesla, Elon Musk
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Tesla and its CEO Elon Musk are walking an increasingly difficult tightrope as the company navigates declining electric vehicle sales and an autonomous driving business that has yet to get off the ground.
1hon MSN
The tech company reports its third quarter of declining profits in a row, amid the ongoing backlash against Elon Musk's foray into politics.
It wasn't just Tesla that reported a drop in new car registrations in June, however. Europe's four best-selling automakers all sold fewer cars.
Tesla's shares sank nearly 7% in premarket trading on Thursday as the EV giant grapples with sinking sales and mounting doubts over its future under CEO Elon Musk, deepening investor anxiety after another shaky quarter.
Tesla has offered low-interest loans and other incentives to try to revive sales, but these efforts have depressed the company’s profits. Tesla’s newest model, the Cybertruck pickup, has been a flop. The company sold 4,300 Cybertrucks in the second quarter, according to Cox Automotive, a 50 percent decline from a year earlier.
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Tesla Inc. warned that provisions in President Donald Trump’s $3.4 trillion fiscal package will pose meaningful challenges for the EV maker in the next several months.
In April, Tesla still had a net positive view of -7. Tesla remained at the bottom of the charts when EVIR looked more closely into demographic data. Tesla was the least-positively viewed car company regardless of income,
Shares of the EV maker pared losses and traded close to flat in afterhours trading, following results that showed net income plunging 16% and automot
Tesla has said it will build cheaper cars and win approval for its self-driving software in Europe this year, as it tries to revive its struggling business. Elon Musk's electric vehicle (EV) firm told investors it had started "first builds of a more affordable model in June" while posting a slump in car deliveries and shrinking profits.
The Austin-based EV company is still working on taking safety drivers out of the passenger seats and expanding into new cities.