Tesla misses earnings targets for fourth-straight quarter
STORY: Tesla reported its lowest profit margin in more than five years on Tuesday.
The world’s largest maker of electric vehicles has now missed its earnings targets for four straight quarters.
It’s faced slower sales as well as the high costs of laying off 10% of its employees and spending on AI projects.
On its quarterly earnings call, Tesla said it was on track to deliver new models in the first half of next year, including long-promised more affordable vehicles – albeit not as affordable as once expected.
Shares fell 8 percent in after-hours trade.
Q2 was chaotic for Tesla.
Reuters reported that CEO Elon Musk shelved the creation of an all-new cheaper car.
Instead it launched a less ambitious, lower-cost version of its Model 3.
And while Model 3s have entered New York's fleet of yellow cabs, Musk has been prioritizing self-driving robotaxis, which, alongside approval of Musks’ $56 billion dollar pay package has helped boost the firm's shares more than 30% since June.
However, Musk said Tuesday the launch of the so-called robotaxi was delayed from August to October.
He says they need time to make important changes.
Musk had said in 2022 that Tesla expected to mass-produce robotaxis by this year.
He also explained the company’s sales slump by saying that new competitors, quote: "have discounted their EVs very substantially, which has made it a bit more difficult for Tesla."
While Tesla’s sales of China-made EVs, sent to Europe and beyond, fell, BYD and other Chinese carmakers posted strong numbers.
However, Tesla said Tuesday it expects an increase in production from July to September.
And Musk said the firm was likely to get approval for its "supervised" Full Self-Driving software, which requires driver attention, in China and Europe by the end of this year.
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