Earnings at Tesla nearly halved as discounts and price cuts put pressure on profit margins. CEO Elon Musk attributed the decline to rivals slashing prices. Despite this, Musk remains optimistic about the company’s future plans for robotaxis, AI, and humanoid robots. Tesla’s next-generation Roadster is set to begin production next year, with plans for unsupervised self-driving software and Optimus robots in factories. While sales rose 2% to $25.5bn, profits dropped 45% to $1.48bn, causing shares to fall during after-hours trading. Musk, who recently endorsed Donald Trump for president, plans to relocate Tesla’s headquarters to Texas due to issues with California’s laws. Shareholders approved a $45bn pay deal for Musk in June. Analysts believe Tesla has momentum and is on track to increase production to 2 million vehicles annually. Despite short-term challenges, Musk remains positive about the future of the electric vehicle market.
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Photo credit www.theguardian.com
Tesla’s profits slashed nearly in half due to price cuts impacting profitability finances, Business reports
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