The fallout from Elon Musk diving in politics a year ago a year ago still hammered Tesla electric vehicles, because sales and profits have dropped strongly in the last quarter.
Tesla’s revenues fell 12% and the profits dropped by 16% in the three months until June while buyers continued to avoid and, in some cases, turn to more affordable competitors.
“The perception of Elon Musk, his chief executive, has rubbed the brilliance throughout what was once a darling and arrow brand,” said Forrester analyst, Dipanjan Chatterjee, in a research note, in which he called Tesla “a toxic brand which is inseparable from his leader”.
The quarterly profits of the company of electric vehicles, battery and robotics fell to $ 1.17 billion, or $ 0.33 per share, against $ 1.4 billion, or $ 0.40 per share, lowering for a third consecutive quarter. On an adjusted basis, the company said it had won $ 0.40, in accordance with the estimates of Wall Street analysts.
Revenues increased from $ 25.5 billion to $ 22.5 billion during the period from April to June, slightly defeating Wall Street forecasts.
Tesla’s actions have changed little in the exchanges after the opening hours, investors were waiting for Musk’s comments on calling the company’s profits.
Bet on robotaxis
Musk, who helped elect President Donald Trump with a massive campaign donation, then directed his Doge cost reduction program, pinned the company’s future on his autonomous Robotaxi adventure, who, who, who, who, who Launched in Austin, Texas last month. This should take years, however, before Musk accent on robotaxis and humanoid robots reveals a profit or the business.
“We are at a” positive crossroads “in the history of Tesla: Musk is laser focused as CEO, Robotaxi / Autonomous expansion began, stabilization of demand began in particular in China, and Tesla is about to embark on an aggressive AI strategy which, in our opinion, declared an important research note.” While in the short term and this trimester. Figures are not to which we write, we believe that investors are rather focused on the future of AI in Tesla with a motivated musk leading to the future of Tesla. “
Foreign EV buyers have also turned from Tesla to the vehicles of the competitorsshows research. Musk has alienated the potential customers of Tesla in Great Britain, France, Germany and elsewhere thanks to its political activities. The manufacturers of rival electric vehicles such as China Byd and the German Volkswagen, on the other hand, have won market share.
Tesla also faces other opposite winds. The new federal budget which has just been adopted by the congress eliminates a credit of $ 7,500 for EV buyers. It also erases the penalties for car manufacturers that go beyond carbon emission standards. This threatens Tesla’s activities to sell its “carbon credits” to traditional car manufacturers who are not below emission standards.
Tesla generated $ 439 million compared to credit sales, down against $ 890 million a year ago.
