New York Post
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Tesla stock falls 12% as growing competition squeezes profits at Elon Musk’s EV maker
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July 24, 2024
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1:55Now PlayingTesla shares dropped more than 12% in Wednesday trading after Elon Musk’s electric car maker reported its second straight quarterly loss and confirmed that a hotly anticipated robotaxi launch will be pushed back by two months to October. NY Post reporter Ariel Zilber shares this story.
The Austin, Texas-based company said its quarterly auto revenue tumbled 7% to $19.9 billion as it faces rising competition.Tesla also reported its lowest profit margin in more than five years after slashing prices in hopes of reviving sagging demand.
“There were quite a few competitor vehicles hitting the market, which haven’t done very well, but they have discounted these vehicles very heavily,” Musk said on a conference call with analysts.
Margins fell despite Tesla’s laying off 14% of its global workforce this year — equal to more than 19,000 jobs. The company also saw an exodus of top executives after Musk gutted the team in charge of Tesla’s Supercharger unit.
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