When Tesla releases its first quarter earnings this afternoon, the company’s CEO Elon Musk will field the usual questions about new products, new factories, and progress toward its futuristic vision of self-driving cars and robot workers. But Musk will also face increasingly urgent questions about its current state of affairs — and why everything seems to be going to shit.
Earlier this month, the company reported its first year-over-year sales drop in four years, a sign of rougher waters ahead. Tesla’s stock has fallen more than 40 percent since the start of the year, including a 13 percent drop in the last week. The company laid off over 14,000 employees last week, 10 percent of its global workforce — which could end up being closer to 20 percent when all’s said and done, according to Bloomberg. Today’s earnings report is expected to include Tesla’s lowest profit margins in six years, a sign that rampant price-cutting continues to exact a toll.
This is the best summary I could come up with:
When Tesla releases its first quarter earnings this afternoon, the company’s CEO Elon Musk will field the usual questions about new products, new factories, and progress toward its futuristic vision of self-driving cars and robot workers.
Today’s earnings report is expected to include Tesla’s lowest profit margins in six years, a sign that rampant price-cutting continues to exact a toll.
Musk reportedly canceled the low-cost Model 2 in favor of the upcoming robotaxi — despite repeatedly failing to make good on his promise for a fully driverless vehicle.
Tesla has been forced to recall its two main driver-assist systems, Autopilot and Full Self-Driving, in the face of increased government scrutiny over the company’s autonomy claims.
And Musk’s tenure as head of X, formerly Twitter, has alienated many of Tesla’s progressive-leaning customers, who have watched in horror as he promotes right-wing conspiracy theories on the platform.
While other companies are pursuing important innovations like lighter, more powerful batteries and recycling techniques that can shrink the auto industry’s carbon footprint, Tesla is putting it all on the line for an “apocalypse-proof truck” and a full suite of vaporware robots.
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