Tesla's profits slide despite growing revenue as it pivots to robotics and AI
4 hours ago
- Tesla reported Q2 earnings of 31 cents per share, missing Wall Street's expected 51 cents, and revenue of $28.23bn vs. $25.71bn forecast.
- The stock fell over 3% in after-hours trading, adding to a year-to-date decline of about 14%.
- Earnings were pressured by the end of U.S. EV tax subsidies and increased competition from cheaper Chinese automakers.
- SpaceX's record stock market debut briefly made Elon Musk the world's first trillionaire, though his net worth has since fallen.
- Tesla is shifting focus from vehicles to robotics (Optimus) and autonomous driving (Robotaxi), with Musk claiming Optimus could be 'the biggest product ever.'
- Robotaxi service is expanding to Tampa and Orlando, but only about 50 vehicles operate in Austin, with rollout slowed by safety concerns.
- Musk emphasized that scaling Robotaxi requires caution to avoid harm and negative regulatory attention.