Tesla’s earnings hit a new low, with largest revenue drop in years
Tesla’s earnings hit a new low, with largest revenue drop in years
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Tesla profits slide 16%, despite Elon Musk's pivot back to his companies
Tesla on Wednesday reported a drop in its profit during the second quarter, as the electric vehicle maker continues to struggle despite CEO Elon Musk's pivot back to focusing on his companies after his controversial role leading the Trump administration's government cost cutting efforts.
The company's electric vehicle sales have been flagging, and earlier this month it reported a drop of 13.5% in the quarter, compared with the same period a year ago. On Wednesday, Tesla said its net income also suffered, slumping 16% year-on-year.
That’s what happens when you’re run by a delusional man-baby
Also as people finally catch on to how overpromised and underdelivered the new shiny tech cars actually are compared to offerings from real manufacturers. Tesla mainly took off because of the lack of competition and being early on the battery tech.
If Musk had iterated on his existing cars, improving designs and making something akin to the Beetle or the Mustang - a car young people liked and could afford - he might have had a chance.
But, yeah, I’m keeping my old, dumb cars as long as I can wrench them into life.