1y ago

Tesla profits drop 55%, company says EV sales 'under pressure' from hybrids

Tesla profits drop 55%, company says EV sales 'under pressure' from hybrids | TechCrunch

Tesla profits fell 55% in the first quarter as a protracted EV price-cutting strategy cut into the automaker’s bottom line.

22 comments

Haha yes. I'm sure it's the hybrids (which have always been competition) and not the unhinged CEO, poor quality forcing recalls, poor progress at self driving to a point it is being overtaken by other manufacturers and a general drop in brand confidence.
- It's both. Hybrid popularity skyrocketed during the pandemic.
  
  That's mostly because used cars cost as much as new cars, and new cars were hard to come by thanks to chip shortages, so if you wanted a car you got what you could get. Everything sold during the pandemic.
  
  EV sales have been steadily increasing
  https://www.canarymedia.com/articles/electric-vehicles/chart-ev-sales-on-pace-to-break-1-million-in-us-this-year
Now-famous poor quality control
Questionable design decisions like shifting with a screen
Company smells Musky
Yeah, I'm sure it's the hybrids.
More likely under pressure from a CEO who doesn’t know what they are doing anymore.
- He's bored with it and wants to play with his bird.
I mean that an combined that the CEO is a openly right wing douche and they aren't making affordable cars for middle class and the recent cyber truck fiasco and the fact that they can't get the full expanded credits and the other car companies have made significant strides to catch up and exceed Tesla's autonomous driving. But yeah, it's just hybrids.
- Thank you! Somebody said it!
- Well, there's folks like me that don't want EVs but want hybrids. I'm sure that plays into it in some small way. Definitely dwarfed by all your reasons though
Fuck I hope musk gets canned over this. I know the chances are near nill, but hey, a human can hope.
- Musk is going to be a case study in the future of having it all, and just goes off the rails, will be interesting to see the final chapters of this chaos.
Elon Musk still in charge, or involved in any significant way with Tesla, automatically rules out purchasing a Tesla.
And the stock went up 13%….
100% Musk. He owes the shareholders billions in damages.
This is the best summary I could come up with:
Tesla profits fell 55% to $1.13 billion in the first quarter from the same year-ago period as a protracted EV price-cutting strategy and “several unforeseen challenges” cut into the automaker’s bottom line.
The company said in its Q1 earnings report that it experienced “numerous challenges” in the first quarter, including the Red Sea conflict and the arson attack at Gigafactory Berlin and the gradual ramp of the updated Model 3 at its factory in Fremont, California.
Despite the downward trend in profits, Tesla used the first-quarter report to focus on the future, namely about using AI to make advances in autonomy and the introduction of new products, including those built on a next-generation vehicle platform.
Two high-profile executives — Drew Baglino, Tesla’s SVP of Powertrain and Energy, and Rohan Patel, VP of Public Policy and Business Development — also left the company.
Tesla CFO Vaibhav Taneja said Tuesday during the earnings call that the savings generated from the workforce reduction is expected to be well in excess of $1 billion on an annual basis.
That revenue source should increase as more automakers, including Ford, GM, Rivian and VW adopt Tesla’s technology known as North American Charging Standard.
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22 comments