The company said it was on track to produce new vehicles, including more affordable models, in the first half of 2025, although the models will result in achieving less cost reduction than previously expected. Shares fell 7 per cent in after-hours trade.
“Perhaps more than ever in the company’s recent history, Tesla’s investors need results; those will have to come fast – both for the humanoid robot and for the Robotaxi,” said senior analyst Thomas Monteiro.
The second quarter was tumultuous, with Tesla’s chief executive officer, Mr Elon Musk, shelving development of an all-new cheaper car in favour of less ambitious lower-cost models and working on creating self-driving taxis, helping to boost shares.
The company laid off more than 10 per cent of its employees to cut costs, and Tesla said profit was also weighed down by an increase in operating expenses largely driven by AI projects and restructuring charges.
Tesla recorded automotive gross margin excluding regulatory credits of 14.65 per cent in the second quarter, compared with estimates of 16.29 per cent, according to 20 analysts polled by Visible Alpha.
Mr Dan Coatsworth, investment analyst at AJ Bell, said Tesla has now missed earnings targets for four quarters in a row. He added: “There is a lot of talk about robotaxis, humanoid robots and autonomous driving, which provides an exciting narrative for investors but doesn’t get over the fact that these are tomorrow’s potential riches, not today’s.”
Denne historien er fra July 25, 2024-utgaven av The Straits Times.
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Denne historien er fra July 25, 2024-utgaven av The Straits Times.
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