Tesla stock rose 3% after Elon Musk announced he will spend more time at Tesla

From Yahoo Finance: 2025-04-23 10:05:00

Tesla stock rose 3% as CEO Elon Musk announced he will spend more time at Tesla, overshadowing a challenging quarter with revenue at $19.34B, missing Wall Street estimates, and adjusted earnings per share of $0.27, down 40% from last year. Plans for new cars remain on track, but trade uncertainty is affecting sales.

Tesla’s first quarter gross margin exceeded expectations at 16.3%. The company had promised new affordable vehicles in 2025, aiming for a 50% growth rate compared to 2023. However, plans for an affordable EV launch have reportedly been delayed. Demand concerns have led to falling sales in key regions for Tesla. Tesla’s sales in key European regions dropped in March, signaling a continued decline. CEO Elon Musk’s right-wing political activities have tarnished Tesla’s brand. Protests at Tesla showrooms in the US and abroad are growing, with vandalism on Tesla EVs increasing.

Musk announced plans for Robotaxi testing in Austin in June. He claimed Tesla vehicles are cheaper than Waymo’s EVs, citing expensive sensor suites in Waymo’s vehicles.



Read more at Yahoo Finance: Tesla stock rises after Musk says time at DOGE will drop ‘significantly’