Tesla reports steep drop in profits despite US rush to buy electric vehicles

6 months ago

Tesla's profit dropped by 37% despite record vehicle sales.
Third-quarter earnings were $0.50 per share, below the expected $0.54.
Revenue exceeded expectations at $26.457bn, but operating income was $1.62bn against $1.65bn expected.
Sales surge attributed to expiring US electric vehicle tax credits.
Musk emphasized Tesla's AI and autonomous driving technology, calling Optimus robots 'the biggest product of all time'.
Musk seeks approval for a $1tn pay package tied to Tesla reaching an $8.5tn market cap in 10 years.
Proxy advisory firms Glass Lewis and ISS recommend against Musk's pay package.
Tesla's robotaxi service plans to remove safety drivers in Austin rollout, amid regulatory scrutiny.
Musk insulted US transportation secretary Sean Duffy, escalating tensions over SpaceX's Artemis mission delays.
Tesla faces backlash over Musk's political activities and leadership chaos.
Tesla's stock rallied over six months, driven by Musk's focus on autonomous taxis and robotics.
New Model Y sedan criticized for high prices compared to Chinese competitors.
Cybertruck's 2024 release failed to boost overall sales significantly.

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