From 24/7 Wall St. · Douglas A. McIntyre · · 1m 20s
Tesla's Car Business Lags
Tesla's car division is losing ground as CEO focuses on robotaxis and AI.
In brief
Tesla's car division is losing ground as CEO focuses on robotaxis and AI. Tesla's car business is declining while the company emphasizes robotaxis and AI. Originally reported by 24/7 Wall St..
Tesla Earnings Call Focus
Elon Musk spent Tesla's earnings call talking about robotaxis, AI, and humanoid robots while glossing over a car business that is losing ground in the world's largest EV market.
Tesla's Stock Performance
Tesla's stock is down 14% this year while the S&P 500 is up 13%.
Tesla Revenue and Profit
Tesla reported $28 billion revenue, flat from a year ago, with net income falling from $1.4 billion to $800 million.
Car Deliveries and Market Share
Car deliveries were flat at 486,532 units, with 74% of revenue from auto business and 10% from energy generation.
Robotaxi and AI Challenges
Musk said robotaxi business is promising but not approved for driverless operation anywhere in the world.
Optimus Robot Status
Musk stated there is 'still quite a lot of work to do with regard to the AI and the robot for it to be truly useful for open-ended tasks'.
Potential Tesla-SpaceX Merger
Tesla's prospects could be saved by a merger with Musk-controlled SpaceX if shareholders get a strong valuation.
The essence
Tesla's car business is declining while the company emphasizes robotaxis and AI.
