Tesla (NASDAQ: TSLA) reported a decline in sales and profit, with revenue down 12% to $22.5 billion and adjusted net income down 23% to $1.39 billion. CEO Elon Musk’s political involvement has led to a 16% decline in automotive revenue, impacting sales in Europe and facing competition from Chinese EVs.
Musk hinted at a more affordable Tesla Model 2 on the latest earnings call, aiming to make a car that everyone loves at a lower price. Despite challenges, the company is ramping up production, with the new vehicle being a cheaper Model Y, potentially impacting sales of more expensive models.
Investors are banking on Tesla’s robotaxi network for growth, but it’s off to a slow start. The company needs to focus on selling EVs to sustain its stock price, especially with challenges like brand backlash, policy changes affecting EV adoption, and tariffs. The robotaxi network’s success is crucial for Tesla’s future success.
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Read more at Nasdaq: A More Affordable EV Won’t Save Tesla