Many industry analysts say a nearly 9% sales decline in the opening three months of 2024 raises questions about demand for Teslas and other electric vehicles.
For Musk, the answer appears to be the long-elusive robotaxi, which he has been touting as a growth catalyst for Tesla since the hardware for it went on sale late in 2015. Musk has called the system “Full Self Driving,” even though the company says on its website that it can’t drive itself and humans must be ready to take control at all times.
In 2019, Musk promised a fleet of autonomous robotaxis by 2020 that would bring income to Tesla owners and make their car values appreciate. Instead, they’ve declined with price cuts, as the autonomous robotaxis have been delayed year after year while being tested by owners as the company gathers road data for its computers.
Now, Musk appears to be betting that the unveiling of a new robotaxi model on Aug. 8 will be the catalyst that his company needs to return to wild annual sales growth.
Industry analysts are skeptical, and fear that Musk has canceled or delayed plans for the Model 2, a new small Tesla for the mass market that would cost around $25,000. Analysts polled by FactSet see the company’s first-quarter net income falling 42% from a year ago to $1.46 billion.
Over the weekend, though, Tesla lopped $2,000 off the price of the Models Y, S and X in the U.S. and reportedly made cuts in other countries including China. It also slashed the cost of “Full Self Driving” by one-third to $8,000.
As investors digested the price cuts, shares in Tesla Inc., which is based in Austin, Texas, fell another 3.4%, pushing the year-to-date decline to just under 43%. Since the start of the year, though, the S&P 500 index is up about 5%.
This story is from the April 27, 2024 edition of Techlife News.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the April 27, 2024 edition of Techlife News.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
AI Home
THE NEXT FRONTIER FOR APPLE INTELLIGENCE, INTERACTION, AND AUTOMATION
Watch
SERIES 10 & ULTRA 2: REFRESHING THE LINEUP WITH NEW FINISHES & BOLD COLORS
Mac mini
SMALL IN SIZE, POWERFUL, AND ENGINEERED FOR APPLE INTELLIGENCE
iMac M4 INTRODUCING THE FIRST APPLE DESKTOP READY FOR ADVANCED AI
Apple has taken another step towards revolutionizing the world of personal computing with the launch of its latest iMac.
MacBook Pro M4 UNMATCHED AI PERFORMANCE THROUGH A NEW STUNNING XDR DISPLAY
Apple has launched its latest lineup featuring the cutting-edge M4 chip family and the all-new Apple Intelligence system.
New-Gen iPads
2024 AIR AND PRO LINES BRING IDEAS TO LIFE LIKE NEVER BEFORE
Assistance A NEW PRODUCTIVITY ERA BEGINS FOR THE ENTIRE APPLE ECOSYSTEM
As Apple continues to lead in hardware-software integration, the debut of Apple Intelligence reinforces its commitment to offering an AI experience unique to its ecosystem, one that aligns with the company’s ethos of privacy and ease of use.
NVIDIA®
THE BREAKTHROUGHS BEHIND THE LATEST AI HARDWARE
2025 SCALING NEW HEIGHTS IN PROCESSING POWER
Over the past few years, Apple has reshaped nearly every part of its ecosystem, from the hardware to the software, to push the boundaries of technology.
iPad mini - AI-READY DESIGN: THE A17 CHIP POWERHOUSE IN A COMPACT SIZE
Technology continues to shrink in size yet grow in capability, and the new iPad mini is no exception. The robust tool was designed to meet the demands of both personal and professional users.
