Tesla reports 45% decline in quarterly profit
Elon Musk supports Trump's stance on EV tax credits, prioritizes self-driving over incentives. Tesla's profit drops 45%, plans autonomous "cybercab" by October. Analysts stress prompt results for investor confidence.
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Elon Musk, CEO of Tesla, reiterated his support for former President Donald Trump's stance against electric-vehicle tax credits, despite acknowledging the potential short-term impact on his company. Musk emphasized Tesla's long-term value lies in self-driving technology rather than incentives. Tesla reported a 45% drop in quarterly profit, attributing it to various factors affecting EV sales globally. Musk promised to unveil a fully autonomous "cybercab" by October, although previous delays have raised concerns among analysts and investors. While Tesla's profit declined, Musk remains optimistic about the company's future, focusing on autonomy solutions. However, his public support for Trump could alienate Democratic-leaning consumers, potentially affecting Tesla's market. Analysts emphasize the importance of Tesla delivering results promptly to reassure investors. Musk's ambitious plans for autonomy and the cybercab highlight Tesla's commitment to innovation despite challenges in the EV industry.
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10 commentsTesla Q2 2024 Update [pdf] - https://news.ycombinator.com/item?id=41050278 - July 2024 (68 comments)
When asked when the first actual Robo Taxi voyage will occur, answered that will depend on when they will achieve "Unsupervised Self Driving"...His new word for FSD.
In other words,the Robo Taxi previously announced and postponed for September, does not exist as a viable product...
- A lot of Tesla competitors have caught up (outside of self driving) and energized their sections of the EV market. I see way more Korean EVs on the road than ever before for example.
- EV growth is slowing due to various factors, but so are cars in general due to economic issues.
- Elon opened up the NACS as a gambit for not having to change their own chargers. NACS won, but a lot of prospective EV buyers are waiting for NACS native vehicles from other manufacturers.
- Elon has really alienated massive chunks of the EV demographic. Identity politics are inherently tumultuous.
As a launch batch Model Y owner myself, I’m definitely looking elsewhere whenever this car needs replacing. I want more comfort and just a better driving experience (turn signal stalks, an instrument cluster etc in the more accessible models) and the only reason I went with Tesla is the charging network is unmatched in NA.
I do not have a very rosy outlook on Tesla as long as Elon remains in charge. He got it where it is, but he’s increasingly a liability.
"It's not about how much you earn, it's about how much you're worth. And who is worth the most? Companies that lose money!"
- Silicon Valley
Related
Tesla delivered fewer vehicles to customers for the second quarter in a row
Tesla's Q2 2024 saw a 14% production decrease and 4.76% delivery drop compared to 2023. Sales decline continues due to market competition, limited lineup, and production challenges. Market share dropped to 50%. China market shows growth potential. Tesla prepares for AI and robotics event on August 8th.
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Tesla gives priority to data from VIPs like Elon Musk and select high-profile drivers to train its self-driving AI, raising concerns about resource distribution. An army of annotators reviews footage to improve driving behaviors, despite some discomfort among workers.
Tesla prioritizes Musk's and VIP drivers' data to train self-driving software
Tesla gives special attention to VIPs like Elon Musk and select drivers to enhance its self-driving AI, focusing on their driving data to improve Autopilot and Full Self-Driving software. Concerns arise over resource distribution and distractions from achieving true autonomy.
Tesla sales, market share dip in EU while other EV makers grow
Tesla's new EU registrations dropped by 7.2% in June and 12% in the first half of the year, reducing its EV market share to 10.8%. Other automakers like BMW and Mercedes-Benz maintained or increased their market share. Challenges include lack of new models, reduced subsidies, and market shifts towards hybrid vehicles.
Tesla reports 7% drop in auto revenue as earnings fall short of estimates
Tesla's Q2 revenue rose 2%, missing estimates. Earnings per share were 52 cents, below the expected 62 cents. Automotive revenue fell 7% to $19.9 billion. CEO Musk announced a robotaxi event and expressed confidence in future plans. Despite challenges, Tesla's energy business revenue doubled.