Tesla stock has dropped in 2024 after doubling last year as analysts focus on vehicle pricing and potential profit struggles for Elon Musk and Co.
The busiest two weeks of first quarter earnings season are over. Here are the most significant reports.
"We have updated our future vehicle line-up to accelerate the launch of new models ahead of our previously communicated start of production in the second half of 2025," Tesla said.
Tesla profits fell 55% to $1.13 billion in the first quarter from the same year-ago period as a protracted EV price-cutting strategy and "several unforeseen challenges" cut into the automaker’s bottom line. Tesla reported revenue of $21.3 billion in the first quarter, a 9% drop from the first quarter of 2023. Tesla reported operating income of $1.2 billion in the first quarter, a 54% decrease from the same year-ago period.
Tesla is not having a good start to the week. Today the news is that recent price cuts have irked Tesla investors, who sent its shares off around 4% in early trading today. Tesla's last week saw the company slash its staffing, including high-performers.
CarGurus data showed that all Tesla models saw deep double-digit declines in used pricing since 2023.
The wait for Tesla results is on as investors look to Big Tech earnings to buoy stocks.
Tesla management told employees Monday that the recent layoffs -- which gutted some departments by 20% and even hit high performers -- were largely due to poor financial performance, a source familiar with the matter told TechCrunch. The layoffs were announced to staff just a week before Tesla is scheduled to report its first-quarter earnings. The move comes as Tesla has seen its profit margin narrow over the past several quarters, the result of an EV price war that has persisted for at least a year.
Tesla will lay off more than 10% of its global workforce, an internal memo shows, as it grapples with falling sales and an intensifying price war for electric vehicles.
In a tweet on X early Friday morning, Musk addressed concerns many have had over his recent move to shrink down Tesla’s Supercharger team.
Around 550 employees across autonomous vehicle company Motional have been laid off, according to information taken from WARN notice filings and sources at the company. Earlier this week, TechCrunch reported that Motional is pausing commercial operations and delaying plans to launch a robotaxi service with its next-gen Hyundai Ioniq 5 robotaxis until 2026 as it undergoes restructuring. An employee at Motional who spoke to TechCrunch on the condition of anonymity said every team has been affected, with high-level departures including the company’s chief operating officer, Abe Ghabra.
U.S. President Joe Biden is set to announce new China tariffs as soon as next week targeting strategic sectors including electric vehicles, according to two people familiar with the matter.
Greg has a special guest this week - Pras Subaranian from Yahoo Finance. They take a look at the business side of recent auto news, and yes, talk cars.
OpenAI has a livestreamed announcement planned for 10 a.m. PT on Monday — but it's trying to keep expectations under control. Altman’s wording was presumably alluding to a Reuters report published earlier this week, suggesting that OpenAI plans to announce an AI-powered search product on Monday — stealing some thunder from the Google I/O developer conference, which starts Tuesday. The report also said the announcement date “is subject to change.”
Manage mounting anxiety and boost mental health with these top online therapy platforms for anxiety treatment.
Italian Open organizers said a water bottle accidentally fell out of a fan’s backpack while they were trying to reach down to get his autograph on Friday in Rome.
The lights, also known as aurora borealis, might be visible as far south as Alabama, according to NOAA.
Walk, dance and slide your way to pristine, dust-free floors.
But are they worth the spend? No question, fans say: 'These aren't just a little bit better than the competition; they are a lot better.'
If the Warriors wish to build the best possible team around Curry during his final years, they will need to consider the possibility of trading Jonathan Kuminga and Brandin Podziemski, who should each fetch a significant trade return.
Venture capital has been hit hard by souring macroeconomic conditions over the past few years and it's not yet clear how the market downturn affected VC fund performance. SFERS's venture portfolio recorded a -.9% internal rate of return last year through the third quarter, according to data from the pension fund's May 8 meeting. The data also highlighted that the venture portfolio recorded a 48.8% IRR in 2021 and -19.9% return in 2022.