When Tesla releases its first quarter earnings this afternoon, the company’s CEO Elon Musk will field the usual questions about new products, new factories, and progress toward its futuristic vision of self-driving cars and robot workers. But Musk will also face increasingly urgent questions about its current state of affairs — and why everything seems to be going to shit.
Earlier this month, the company reported its first year-over-year sales drop in four years, a sign of rougher waters ahead. Tesla’s stock has fallen more than 40 percent since the start of the year, including a 13 percent drop in the last week. The company laid off over 14,000 employees last week, 10 percent of its global workforce — which could end up being closer to 20 percent when all’s said and done, according to Bloomberg. Today’s earnings report is expected to include Tesla’s lowest profit margins in six years, a sign that rampant price-cutting continues to exact a toll.
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I’m sure it’s anyone else’s fault but Elon, just ask him he’ll say so.
It’s the fault of those 9% he fired, so everything is fine now.
/S
Since Musk outed himself as pro-right-wing idiot with his X fiasco, the mostly left leaning electric vehicle crowd is looking for untainted brands.
Tesla’s biggest market is China, not America. Elon’s antics are not the cause of this drop. Selling Teslas in China getting harder due to American policies against China. How many Teslas do you think they will let Elon sell if the US bans Tiktok?
Skipping on an entry level model will be a mistake that will cost them greatly.
I wonder if there was ever an entry-level model to begin with. It’s been on the cards for about a decade, and many people have looked at Tesla saying “wow, a good electric car, I’ll definitely get one once they’re affordable”.
Yeah. Especially considering EVs were generally going to be more appealing to younger people as new technology that demonstrates care for the environment and future
Well that’s embarrassing
Tesla should pay the CEO that 56 billion bonus. It would immediately improve the situation
🍿🍿🍿🍿🍿
What’s amazing is he immediately announced a new car and the stock rebounded. ISTG, its like there nothing to be gained being honest, smart, and lawful when dumb criminals get rewarded openly for their scams.
He wants the board to pay him for his mistakes outside of Tesla. I say its time to reign in his conflicts of interests.
I guess… Now’s the time to short?
I would have thought the same thing but the after hours ticker has the stock up damn near $20 which is just insane to me.
I’m honestly shocked. Who could have predicted? 😲
aw yehh die!!!
How do you know it’s a first year-over-year sales drop without first having a second year of drops? Isn’t that what year-over-year means?
It means it’s the first time ever the company made less sales this year than the year before
Before this, they always had growth in their sales
Gotcha.
Let’s hope it stays there.
It’s a flip-flop, spring head… Fliiiip floooop??
