Elon Musk cautioned that Tesla Inc. faces a difficult transition period lasting over a year due to the loss of EV incentives in the US and the need to implement autonomous vehicles. He indicated that the company could experience several rough quarters but expects significant improvements in Tesla’s economic situation once autonomy is achieved at scale towards the end of the next year. Tesla's recent performance included a significant earnings decline, falling short of expectations, and a notable drop in revenue associated with a struggling carmaking business and rising competition.
The chief executive officer said Tesla will be in a transition period for the next year or more, losing electric vehicle incentives in the US.
Musk expressed concern over having a few rough quarters, but anticipated compelling Tesla economics following the rollout of autonomy at scale.
Tesla reported adjusted earnings of 40 cents a share, missing Wall Street's already lowered estimates, with revenue falling 12% to $22.5 billion.
Musk called the recent tax and spending bill a disgusting abomination, highlighting its impact on the company's finances and business operations.
Collection
[
|
...
]